Shares of GoPro (GPRO) climbed after the company said it would cut about 15% of its workforce and close its entertainment division amid a continued sales decline. At the same time, GoPro said it experienced "solid" holiday demand in the U.S. for its HERO5 action camera.

RESTRUCTURING: GoPro reported this morning that it will restructure its business, eliminating more than 200 full-time positions from its workforce as well as the cancellation of open positions, resulting in a total workforce reduction about 15%. The restructuring effort, which also includes the closure of GoPro's entertainment division and facilities reductions, will lower 2017 adjusted operating expenses to about $650M and allow GoPro achieve its goal of returning to adjusted profitability in 2017. GoPro expects to incur about $24M-$33M in restructuring charges, including $13M-$18M of cash expenditures from the workforce reduction and $11M-$15M of non-cash expenditures. Most of the charges are expected to be recognized in the fourth quarter.

DEPARTURE OF PRESIDENT: GoPro also announced this morning that President Tony Bates, the former CEO of Skype and a Microsoft (MSFT) executive, will depart the company at the end of the year. HERO5: The company also announced that its camera unit sales for the Black Friday week were up over 35% year-over-year at U.S. retailers, adding that Thanksgiving through Cyber Monday sales of camera units at GoPro.com were up approximately 33% year-over-year. According to NPD Group, HERO5 Black has been the best-selling digital imaging device in the U.S. since its launch on October 2.

WHAT'S NOTABLE: Earlier this month on its quarterly earnings conference call, GoPro CEO Nick Woodman said the company would cut $130M in operational expenditures in 2017. Woodman said this morning the company has "a lot of work to do to finish the quarter and our fiscal year," but noted that the HERO5 cameras "have been very well-received by critics and consumers alike." GoPro recently said it would recall 2,500 of its Karma drones due to power loss problems. GoPro's sales declined for the last four quarters, but it previously said it expects double digit year-over-year revenue growth in fiscal 2017.

PRICE ACTION: GoPro is up over 4% in morning trading to $10.25, though shares are down about 43% year-to-date.