Action camera maker GoPro Inc. will cut more than 200 full-time positions as part of a company-wide restructuring, the firm said Wednesday.
The San Mateo company said it will also close its entertainment division, reduce its facilities and cancel open job positions.
In addition, GoPro President Tony Bates will leave the company at the end of the year.
GoPro emerged as a Silicon Valley darling ahead of its 2014 initial public offering thanks to what was once a unique product: a durable camera that could record, and withstand, the rigors of extreme sports.
But facing increased competition from improving smartphone cameras, GoPro has sought to diversify its business. A media arm intended to be the YouTube for adrenaline junkies wound up falling flat. While videos of users participating in extreme sports seemed like a logical extension of GoPro’s business, analysts said it wasn’t that interesting and could be viewed on YouTube or Facebook instead.
Earlier this month, the company recalled its first drone after reports that a small number of them lost power during operation.
The company said the restructuring will reduce operating expenses for 2017 to $735 million. The company expects to incur costs of about $24 million to $33 million for the restructuring. Of that amount, $13 million to $18 million will be for the workforce reductions, most of which are severance costs.