California-based GoPro announced Monday it plans to lay off approximately 20 percent of its workforce based on a weak holiday season, CNBC reported.
The company said it saw lower than expected revenue in the fourth quarter of 2017. As a result, GoPro will reduce operating expenses by $80 million over the previous year.
The company will reduce its employees from 1,254 to fewer than 1,000, according to the corporate statement.
Also, GoPro founder and CEO Nicholas Woodman will reduce his 2018 cash compensation to $1.
While the company will continue to support those customers who purchased its drone product, Karma, company officials said they will no longer be in the drone marketplace.
The company, headquartered in San Mateo, California, has offices in San Diego.
Woodman attended the University of California, San Diego, telling Forbes it was the college's proximity to sunshine and salt water that attracted him.
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"If I didn't follow my passion for surfing ... I would have never come up with the concept to make a wrist camera," he told the magazine in 2013.
This isn't the first round of layoffs for the company. In November 2016, GoPro eliminated 15 percent of its workforce in an attempt to cut costs and turn the company around financially.
