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GoPro shares jump after restructuring plan

Wednesday, November 30, 2016 8:09
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Struggling sport and activity camera maker GoPro (NASDAQ:GPRO) saw its shares jump 4% on Wednesday after it announced a workforce cut of about 15% and closure of its entertainment division as part of a company-wide restructuring plan aimed at refocusing its business on its core action camera products

The company also announced the departure of president Tony Bates, a former Microsoft (NASDAQ:MSFT) executive, who will step down at the end of the year. In a statement, he said the company has made “enormous progress in camera technology, software and international growth” over the past three years.”

GoPro shares were last up 4.3% at $10.34 on Wednesday.

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