KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
GoPro, the action camera maker, announced on Monday that it plans to reduce its workforce by approximately 15% this year as part of a restructuring initiative aimed at cutting operating expenses. Key Highlights: Workforce Reduction: The layoffs, which will affect around 139 employees, are expected to begin in the third quarter of 2024 and be completed by the end of the year. GoPro had 925 full-time employees as of the end of the second quarter. Financial Impact: The company anticipates restructuring charges ranging from US$5 million to US$7 million, with cash expenses of about US$1 million to be recognized in the third quarter and US$4 million to US$6 million in the fourth quarter of 2024. Market Reaction: Following the announcement, GoPro's shares rose by 1.5%. Recent Financial Performance: Earlier this month, GoPro reported a 22.7% decline in revenue for the second quarter, totaling US$186 million. The company's operating expenses increased by 5% from the previous year, r...