GoPro said Wednesday it will cut 270 jobs in an effort to reduce operating expenses, its second round of layoffs in less than four months.
The layoffs amount to about 18 percent of the camera maker's work force. (The San Mateo, California-based company currently employs roughly 1,500 people, according to Business Insider.) In November, the company announced plans to lay off 200 workers and close its entertainment division, which aimed to build a media company with original content inside GoPro.
GoPro said in a statement it expects to spend $10 million this quarter on its restructuring effort.
GoPro has struggled in the last year, fighting weak sales and ratcheting back expectations. In November, the company's attempt to break into the camera drone market stalled when it recalled the approximately 2,500 Karma drones sold to consumers.
The recall followed the discovery that, in a small number of cases, the quadcopters lost power during operation. GoPro determined an insecure battery latch was the cause, so it was redesigned and updated the drone to solve the issue.
GoPro's stock, which closed up 11 cents to $7.35 on Wednesday, has lost 30 percent of its value since February 1.
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