GoPro is coming to terms with reality: It's just a camera company

GoPro is coming to terms with reality. Despite its best efforts, it's just a camera company. 

The camera manufacturer is laying off more than 200 employees (about 15 percent of its workforce) and instituting a hiring freeze, the company announced Wednesday. The reductions are in an effort to restore the struggling business to profitability come 2017. 

GoPro president Tony Bates, who joined in June 2014 after previously serving as CEO of Skype, is leaving the company.

SEE ALSO: Everyone is giving up on GoPro

It's been a tough year for GoPro. The company's share price has more than halved in value. At its last quarterly earnings, GoPro reported that it lost more than $84 million over the three month period. This month, the company had to recall more than 2,500 Karma drones due to them losing power during operation.  Read more...

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