After rapidly growing its workforce over the past two years, GoPro now plans to cut jobs after a disappointing fourth quarter.
Fourth quarter sales reached $435 million, lower than the $500 million to $550 million the company had expected. The company blamed slower-than-expected sell-through for the miss.
In the third quarter, the company had another snafu when sales of its new Hero4 Session were sluggish because the $399 price was too high, leading the company to lower the price to $299 in September.
GoPro dropped the price again in December to $199, which is the current price on the GoPro website.
For all of 2015, GoPro now expects annual revenue $1.6 billion, a 16% increase from 2014. The company had forecast a 23% increase.
Job cuts
GoPro has grown its headcount 50% annually over the past two years, and now has 1,500 employees.
Because of the sales slowdown, the company will cut 7% of its workforce.
