COVID-19 pandemic has effected every small and big company around the world. Some companies are forced to lay off their employees in order to save expenses. One such company is GoPro. GoPro has decided to lay off more than 20 percent of its workforce which is over 200 employees due to the coronavirus pandemic.
This move is taken to save operating expenses by $100 million the year and another $250 million in non-headcount related expense reductions planned for 2021. The company said that Q1 revenue will be less than half of what it was in 2019. CEO Nicholas Woodman has decided that he will not take any salary for the rest of the year.
GoPro has also decided to shift its business towards the direct-to-consumer model. The company expects just $119 million in sales for Q1 2020, compared to $528 million the quarter before. GoPro hopes that this will not affect its product and service roadmap for 2020.