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GoPro will cut 23 percent of its global workforce by the end of this year, as the action camera pioneer looks to reverse its fortunes in a competitive market.

145 employees will be laid off, with the restructuring process commencing in the second quarter of 2026, the San Mateo company said in a Form 8-K filing. At the end of the first quarter, GoPro's total number of employees stood at 631, and it expects the cuts to cost it between $11.5 million and $15 million. These charges include honoring severance packages and healthcare benefits.

GoPro's last reported round of layoffs took place in the second half of 2024. The company posted a year-end revenue decline in its 2025 financial results, including a loss of $9 million in its fourth quarter.

Despite the layoffs, GoPro is seemingly optimistic about 2026, banking on its AI-centric GP3 processor to spearhead a "new era of performance and innovation" for the company. The first GP3-powered GoPro cameras will launch in the coming months.

GoPro launched its first action camera in the early 2000s and enjoyed huge success with extreme sports enthusiasts. But it no longer has the market to itself, facing stiff competition from the likes of DJI, Insta360 and smartphone cameras in general.