Iconic action camera company GoPro is struggling

GoPro became synonymous with action cameras, not unlike how brands like Post-it Notes and Band-Aids cornered the mindshare for their respective categories. That said, GoPro’s fortunes are fading fast. On Monday, the company announced a 15% reduction in its workforce as part of a broader restructuring effort to curb costs and navigate an increasingly challenging market.

A decade after its initial launch, GoPro hit its peak valuation of $12 billion. Today, the company is worth a tiny fraction of that, some $200 million, with its stock down 65% in the last 12 months. The latest quarterly results offered no respite, with revenue down 23% from the previous year and operating expenses climbing by 5%.

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