GoPro lays off a quarter of its staff amidst competition

The company is said to have announced other measures as well to keep the brand going for the foreseeable future.

GoPro was one of the leading manufacturers of action cameras for quite a while. However, in recent years, the company has faced some stiff competition from new entrants such as Insta360 and DJI.

The new brands offer smaller cameras with easier-to-use apps, are priced cheaper, and have better tech - all of which have led to GoPro facing difficulties in maintaining its sales numbers. With the competition heating up, GoPro released a statement announcing that it would lay off 15% of its staff. However, reports suggest that the company has instead laid off around 26% of its employees.

As per reports, the brand's stock prices have fallen drastically, which has also led to a sales decline and inventories stockpiled. The company is said to have announced other measures as well to keep the brand going for the foreseeable future.

Source: RideApart