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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.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>
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Here's Why GoPro (GPRO) Stock Is Soaring Today
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.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>