GoPro Plans Jobs Cuts, Lowers Sales Expectations

GoPro Inc., struggling with tepid sales of its wearable cameras, announced plans Wednesday to cut about 7% of its workforce.

The restructuring, seen impacting about 105 jobs, came as GoPro also forecast revenue for the fourth quarter below Wall Street expectations.

GoPro said it was hurt in the key holiday quarter by slower-than-expected sales of its capture devices at retailers. It also faced $21 million in charges from cutting the price of its Hero4 Session in December.

In all, the company is forecasting revenue of $435 million in revenue. Analysts polled by Thomson Reuters had forecast $512 million in revenue. For the full year, GoPro forecast revenue of $1.6 billion, below the $1.69 billion analysts had forecast.

Shares of GoPro, down 71% in the past 12 months, were halted in after-hours trading.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

(END) Dow Jones Newswires

January 13, 2016 16:55 ET (21:55 GMT)

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