France-based Parrot is planning to cut 290 positions in its consumer drone section.

The company restructure is expected to cost approximately €45m, including €20m in asset writedowns.

According to Parrot, the company’s failure in meeting its latest fourth quarter revenue target has led to the upcoming job cuts.

"I am confident in the excellence of our technological choices and our ability to remain a leader while renewing with sustainable and profitable growth."

At the end of last year, Parrot’s drone divisions generated revenues of approximately €60m, including €11m in commercial drones and €49m in consumer drones.

Parrot chairman and CEO Henri Seydoux said: “Parrot is positioned on two highly promising high-tech sectors: civil drones and connected cars.

“By rapidly reorganising the company, I am confident in the excellence of our technological choices and our ability to remain a leader while renewing with sustainable and profitable growth.”

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The company also noted that it would continue to pursue its drone strategy announced in 2015, and will develop an original positioning on the consumer segment.

According to the strategy, Parrot is also planning to enhance its commercial operations in order to establish a global and profitable market share in the civil drone sector.