Streaming company Roku lays off over 300 employees in 2nd job cut this year

SAN FRANCISCO: TV streaming company Roku is laying off approximately 10 per cent of its workforce -- more than 300 employees -- to reduce its operating expenses.

In a filing with the US Securities and Exchange Commission (SEC), Roku said it is determined to implement additional measures to continue to bring down its year-over-year operating expense growth rate by “slowing its year-over-year headcount expense growth rate through a workforce reduction and limiting new hires, among other measures”.

The workforce reduction is expected to impact approximately 10 per cent of the company’s employees.

“The company expects to record a restructuring charge related to the workforce reduction, primarily consisting of severance and benefits costs, in a preliminary estimated range of $45 million to $65 million,” it said in the filing.

The implementation of the workforce reduction, including cash payments, will be substantially complete by the end of the fourth quarter of fiscal 2023.

In March this year, the streaming company laid off additional 200 employees, after sacking a similar number of workers in November 2022.

Roku had around 3,600 employees as of the end of 2022.

In November 2022, the streaming company had laid off 200 US employees, or roughly 7 per cent of its workforce.