GoPro to lay off 270 more employees

Announcing its first-quarter earnings, GoPro revealed that it plans to cut 270 more jobs as part of cost-cutting measures that also affects programs and other expenses to “preserve our product roadmap.” In doing so, GoPro said it’s on track to “full year non-GAAP profitability in 2017.”

Looks like, the aggressive push to being profitable has put morale and staffing in the backseat for the company as the latest layoffs come in addition to the 100 the company announced in January 2016 and 200 back in November.

This restructuring will cost GoPro about $10 million mostly related to severances. As part of its past cost-cutting plans, GoPro said it was shutting down its entertainment division, among other things.

In the fourth quarter of last year, GoPro reported almost $540 million in revenue, which marked an impressive 23.8 percent annual increase. However, the company still had a $115.7 million GAAP net loss and a $42.3 million non-GAAP net income.

The company affirmed on Wednesday that its first-quarter revenue will be “in the upper end of its previously announced $190 million to $210 million range.”

“We currently have no need to draw on our credit facility, and we expect to be EBITDA positive for full-year 2017,” remarked GoPro chief financial officer Brian McGee.