Action camera company GoPro to lay off 23% of workforce in new restructuring plan

GoPro has announced plans to reduce its workforce by 23% as part of a significant restructuring effort aimed at cutting operating costs. The action camera company, which employs 631 people, will lay off approximately 145 staff members. This move follows a series of previous redundancies and reflects the company’s ongoing efforts to adapt to a highly competitive market and improve its financial position. The restructuring is expected to incur costs between $11.5 million and $15 million, covering severance packages and healthcare benefits for those affected. These expenses will be spread across the second to fourth quarters of 2026, with the largest outlay anticipated in the third quarter. The company’s latest SEC filing outlines this phased approach to managing the financial impact of the layoffs. GoPro faces increasing competition from newer players such as Insta360 and DJI, which have expanded the market for action cameras and content creation tools. Despite launching the GoPro Max in late 2025 and introducing the AI-powered GP3 processor for upcoming models, the company reported a 19% year-on-year decline in profits for 2025. However, GoPro remains optimistic about the future, highlighting the enhanced capabilities of its new technology and its potential to capture a larger share of the digital imaging market. This round of layoffs is not unprecedented for GoPro, which has seen its workforce shrink significantly from around 1,600 employees just a few years ago. Previous reductions included 270 job cuts in 2022 and 139 in 2024. The company’s ongoing restructuring reflects broader challenges in maintaining growth and profitability amid evolving consumer preferences and intensifying competition in the action camera sector.