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GoPro slices almost 300 jobs, third job cut since 2016

17 March 2017

A rating of 1 or 2 would represent a Buy, and a 3 rating would signify a Hold on the stock.

Instead, the cuts are about doing "fewer things better", another company executive said.

GoPro has gone from a high-flying gadget maker with digital media potential to a bloated company being undercut by cheaper Asian rivals. Ten months prior to that, the company also let go of 7 percent of its employees, so the aggressive push to being profitable is likely taking a heavy toll on morale and staffing. Shares of GoPro were up about 123% in morning trading. It opened the session with a $7.97 price tag, later ranging from $7.525 to $7.98, the range at which the stock has traded at throughout the day. The firm's stock price hit an all-time low in the past week, though it increased by more than 10 per cent following the job cut news. This takes GPRO stock back to its 20-day moving average, a level that was lost earlier in the month.

The stock has vastly underperformed the broader markets.

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Read the press release from GoPro.

International Paper Company (NYSE:IP) closed down -0.01 points or -0.02% at $50.69 with 4.17 mln shares exchanging hands. GoPro had a negative net margin of 35.35% and a negative return on equity of 44.14%. The year ago sales the company reported in the same quarter is 183.54 Million. During the same quarter in the previous year, the company earned ($0.08) earnings per share. The firm's quarterly revenue was up 23.8% on a year-over-year basis.

GoPro Inc (NASDAQ:GPRO) shares saw unusually-high trading volume on Thursday after Citigroup upgraded the stock from a sell rating to a neutral rating. (NASDAQ:GPRO). According to First Call, the current consensus target price on shares is sitting at $8.57. If you are reading this piece on another website, it was copied illegally and republished in violation of US & worldwide trademark and copyright legislation.

"While the company maintains that its hardware and software product development roadmap is intact and that execution will not be impaired, we think the accelerating pace of cost cuts could elevate the risk profile around both", wrote Goldman Sachs analyst Simona Jankowski in a note to clients. The Stock has YTD (year to date) performance of -16.88 percent.

GoPro slices almost 300 jobs, third job cut since 2016