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    GoPro cutting about 100 jobs after weak 4Q sales

    By SHOOTUpdated:No Comments1024 Views
    NEW YORK (AP) --

    Wearable camera maker GoPro says it will eliminate about 100 jobs after its fourth-quarter sales fell far short of its expectations.

    GoPro says fourth-quarter revenue was $435 million instead of the $500 million to $550 million it forecast in October. The company lowered the price of its new Hero4 Session camera after saying it made the product too expensive, which reduced its fourth-quarter revenue by $21 million.

    FactSet says analysts expected GoPro to report $521.2 million in revenue.

    The San Mateo, California, company had around 1,500 employees at the end of 2015 after hiring more than 500 people that year. It is cutting 7 percent of its jobs, or around 100 positions.

    GoPro's products are popular with extreme sports enthusiasts, but it faces competition from smartphones and other wearable gear.

    It was already predicting a drop in sales compared to last year because it didn't launch a new product in the fourth quarter. The new forecast means revenue dropped about 31 percent from the fourth quarter of 2014.

    GoPro shares closed at $14.61 on Wednesday, down 71 percent over the past 12 months. The stock skidded 22 percent to $11.40 in aftermarket trading.

    GoPro Inc.'s June 2014 initial public offering priced at $24 per share.

    Tags:GoPro



    A Closer Look At Proposed Measures Designed To Curb Google’s Search Monopoly

    Thursday, November 21, 2024

    U.S. regulators are proposing aggressive measures to restore competition to the online search market after a federal judge ruled Google maintained an illegal monopoly for the last decade.

    The sweeping set of recommendations filed late Wednesday by the U.S. Department of Justice could radically alter Google's business, including possibly spinning off the Chrome web browser and syndicating its search data to competitors. Even if the courts adopt the blueprint, Google isn't likely to make any significant changes until 2026 at the earliest, because of the legal system's slow-moving wheels.

    Here's what it all means:

    What is the Justice Department's goal?
    Federal prosecutors are cracking down on Google in a case originally filed during near the end of then-President Donald Trump's first term. Officials say the main goal of these proposals is to get Google to stop leveraging its dominant search engine to illegally squelch competition and stifle innovation.

    "The playing field is not level because of Google's conduct, and Google's quality reflects the ill-gotten gains of an advantage illegally acquired," the Justice Department asserted in its recommendations. "The remedy must close this gap and deprive Google of these advantages."

    Not surprisingly, Google sees things much differently. The Justice Department's "wildly overbroad proposal goes miles beyond the Court's decision," Kent Walker, Google's chief legal officer, asserted in a blog post. "It would break a range of Google products — even beyond search — that people love and find helpful in their everyday lives."

    It's still possible that the Justice Department could ease off on its attempts to break up Google, especially if President-elect Donald Trump... Read More

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