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.
Story by ProactiveInvestors