GoPro to Lay Off 17% of the WorkForce

GoPro to Lay Off 17% of the WorkForce
GoPro to Lay Off 17% of the WorkForce
Author

17 March, 2017

"We're determined that GoPro's financial performance match the strength of our products and brand". The reduction in operating expenses is to be achieved with a combination of cuts to program costs, headcount and open positions, totaling the elimination of approximately 270 positions. In addition, Ritholtz Wealth Management's Josh Brown called it "one of the most beaten-up stocks of the last year" on CNBC's "Halftime Report" last month.

Investors expected a price target of -0.19 for this quarter.

After upcoming fiscal quarter results, all eyes will be on the prospects for the next reporting quarter. The company noted these reductions should not impact the roadmap for new products, as it still expects to release new hardware and software this year.

There are two words that Wall Street is using to describe its concerns with GoPro right now: Execution risk. It also repeated its target of full-year unadjusted, or non-GAAP, profitability.

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"Today we are updating revenue guidance for the first quarter of 2017".

The stock now has its Annual Dividend of $0 and an annual Dividend Yield of 0 Percent. GoPro executives told investors that revenue for the soon-to-end quarter was tracking at the high end of the company's prior forecast. We believe investors' main concerns remain with top-line growth potential and addressable market, as well as execution risk. (NASDAQ:RTIX) shares moved to $3.70 after starting the day at $3.75. (GPRO) managed to surpass quarterly earnings per share estimates in 6 of the trailing twelve fiscal quarters, and has a positive trend with an average surprise of 54%.

GoPro was up nearly 15%, near 8.45, in midday trading on the stock market today. (NASDAQ:GPRO) announced it expects Q1 revenue toward the high of end of previous guidance, which could allay some recent concerns. In November, the company announced plans to lay off 200 workers and close its entertainment division, which aimed to build a media company with original content inside GoPro.

Stifel reiterated a hold rating and sliced its 12-month target by a dollar to $9, saying that such sharp expense reduction "raises questioning about fundamental impact", including the effect less marketing will have on demand and whether the company will be able to execute new product launches successfully.


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