GoPro is cutting about 17% of its workforce

GoPro announced Wednesday that it was cutting 270 jobs to reduce its operating expenses and achieve profitability.

The camera maker had 1,552 employees as of December 2016 according to its website, so the layoffs amount to about 17% of its staff.

GoPro shares jumped by as much as 12% in after-hours trading following the news.

In a statement, the company said it estimated restructuring charges of up to $US10 million, mostly related to severance costs. The layoffs would keep the company on track to achieve profitability this year, CEO Nicholas Woodman said.

“”Today we are updating revenue guidance for the first quarter of 2017,” the statement said. “We now expect to deliver revenue in the upper end of our guidance range of between $US190 million and $US210 million.”

More to come …

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