GoPro announces restructuring, updates on holiday sales

|About: GoPro (GPRO)|By:, SA News Editor

GoPro (NASDAQ:GPRO) says camera unit sales were up more than 33% Y/Y during the Thanksgiving to Cyber Monday period.

"We have a lot of work to do to finish the quarter and our fiscal year, however our HERO5 cameras have been very well-received by critics and consumers alike," notes CEO Nicholas Woodman.

GoPro also announced a broad company-wide restructuring that will reduce 2017 non-GAAP operating expenses to ~$650M (GAAP: $735M). The company has a target to hit non-GAAP profitability in 2017.

The restructuring includes the closure of its entertainment division, facilities reductions, and the elimination of more than 200 full-time positions plus the cancelation of open positions for a reduction in force of approximately 15 percent.

"Consumer demand for GoPro is solid and we've sharply narrowed our focus to concentrate on our core business," adds Woodman.

GPRO +2.75% premarket to $10.10.

Source: Press Release