Following a product launch mishap and sloppy sales quarter, GoPro is eliminating 15% of its workforce to cut costs.
The struggling company is also shutting down its entertainment division, another move to reduce overhead. Shares in GoPro, which is not profitable, have taken a beating this year.
GoPro says it will cut more than 200 full-time positions and Tony Bates, the company’s president, is stepping down. The restructuring could reduce expenses by up to $650 million next year, allowing the company to return to profitability.