GoPro is cutting 23% of its workforce just as it prepares to launch GP3-powered cameras at NAB Show, making this a pivotal moment for the struggling action camera brand.
GoPro might be riding high in the news compared to its track in recent years — it's announcing GP3 processor-based cameras next week and its kit is a high profile member of the Artemis II Moon mission — but it still manages to make headlines for all the wrong reasons.
Disclosed via the legal requirement of a Form 8-K SEC filing, the company is planning to lay off around 145 employees, roughly 23% of its workforce, as part of a further restructuring aimed at reducing costs and improving operating efficiency.
The company had 631 employees at the end of Q1 2026, and expects the restructuring to cost it between $11.5 million and $15 million, covering severance and healthcare benefits. The cuts are set to begin in Q2 2026 and are expected to be largely completed by year end.
If you have the sense that we've been here before, we have. The company's first cuts to its workforce came in August 2024, when 15% were let go. This was quickly followed by a swingeing 26% more in October of the same year.
As we have already reported, a lot is riding on GP3 kit. GoPro's full-year 2025 results were dismal: revenue fell 19% year-over-year to $652 million, with camera sales dropping 20% to around two million units. The company blames macroeconomic factors, tariffs, and increased competition from the likes of Insta360 and DJI.
You can certainly make the case that compared to these two it has been slow to innovate, so it will be hoping that GP3 can not just close that gap but give it a lead when it comes to image quality. It certainly feels we are in 'betting the farm' territory.
GoPro shares initially edged up about 1% on the news breaking. But with the stock currently at $0.77 and the 52-week high at $3.05, the market is clearly not totally convinced the introduction of GP3 will move the dial. By way of comparison, back in 2014 just after it launched the HERO4s currently attached to the outside of the Orion spacecraft, its shares hit a high of $98.47.