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Here's Why GoPro (GPRO) Stock Is Soaring Today

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Shares of GoPro Inc. (GPRO - Free Report) are soaring more than 15.5% in morning trading Thursday after the action camera maker announced a solid first-quarter outlook and revealed a new plan to reduce expenses that includes a sizable job cut.

GoPro said that it expects revenue to come in at the high end of its previously-announced guidance, which would mean around $210 million. Operating expenses were expected to fall in a range of $168 million and $178 million for the quarter (also read: GoPro Stock Jumps on Positive Q1 Outlook and Job Cuts).

The camera maker plans to reduce costs for the fiscal year by cutting 270 jobs. Full-year expenses are now expected to below $585 million, which includes a $10 million charge associated with the restructuring.

Nevertheless, the company said that the cuts will not affect its roadmap for new hardware and software products.

"We're determined that GoPro's financial performance match the strength of our products and brand,” said GoPro CEO Nick Woodman.

This isn’t the first time GoPro has turned to job cuts in an effort to cut costs. Last year, the company saw two rounds off layoffs, cutting 7% and 15% of its workforce in January and November, respectively. GoPro posted an operating loss of $373 million in 2016.

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