Consumer tech stocks have been shuffling lately, and smaller hardware names have been hit especially hard. When buyers get cautious and smartphones continue to improve, companies that rely on one main product can quickly find themselves under pressure.
That is undoubtedly the challenge GoPro (GPRO) is facing right now. The action camera maker’s sales have slumped as budget-conscious buyers and smartphones eat into its market. This week, GoPro announced a major restructuring. According to the announcement, the company will axe about 145 jobs, nearly 23% of its workforce, by year-end to save costs. The layoffs will roll out through late 2026, with roughly $11.5-$15 million in severance and benefits expenses. The move is aimed at slashing overhead after several unprofitable years.
