GoPro has been struggling since its IPO debut. Shares debuted at $24 a share, and are now less than $10. The company has faced mounting quarterly losses and has seen its stock price hit record lows.
The company lost nearly $116 million last quarter compared with a $34 million loss in the same period a year earlier.
CEO Nick Woodman, speaking to CNBC’s “Squawk Alley” on Thursday, admitted that the company is now embracing the smart phone movement.
“Our mission has never changed, … which is that we believe that there’s a megatrend of consumers who are visually expressing and sharing themselves more and more online,” Woodman said.
“Where we fell out a little bit in our post-IPO years was that we failed to make GoPro contemporary and failed to align with the smartphone movement.”
According to Woodman, the company is now going to make it easier to move footage to smartphones.
“We’ve recognized over the past couple of years that we need to focus keenly on one customer, and that is the person who buys a GoPro,” Woodman said. “In the quarters after going public, we were making different investments, placing different bets. Some of those bets didn’t work out. And we’re refocusing.”
This week he also stated in a news release, “We’re determined that GoPro’s financial performance match the strength of our products and brand.”
The company has plans to cut 270 full-time jobs to lower operating expenses.
Disclaimer: We have no position in GoPro Inc. (NASDAQ: GPRO) and have not been compensated for this article.