GoPro to cut 15% of jobs in restructuring; president Bates leaving

CNBC.com staff
Josh Edelson | AFP | Getty Images

Despite strong holiday weekend sales, GoPro (GPRO) announced a restructuring on Wednesday, including cutting 15 percent of jobs and closing its entertainment unit.

Additionally, the company announced President Tony Bates will be leaving the company at the end of the year.

The restructuring includes the closure of its entertainment division, facilities reductions, and the elimination of more than 200 full-time positions plus the cancellation of open positions.

The company said it expects to incur about $24 million to $33 million in restructuring charges, mostly in its fourth quarter.

GoPro's shares were up 2.7 percent at $10.10 in premarket trading.

GoPro said the week of Black Friday camera unit sales were up more than 35 percent year-over-year at leading U.S. retailers. Thanksgiving through Cyber Monday sales of camera units at GoPro.com were up approximately 33 percent year-over-year.

According to the NPD Group, since the launch on October 2, HERO5 Black has been the best-selling digital imaging device in the United States.

—Reuters contributed to this report.