AP – Roku is cutting about 10 per cent of its workforce, or 360 people, and it will limit new hiring as it cuts costs to stem a series of quarterly losses.
The streaming platform also said in a regulatory filing yesterday it expects adjusted third-quarter revenue of between USD835 million and USD875 million, which is much better than the USD828.6 million that Wall Street was projecting, according to analysts polled by FactSet.
Roku Inc anticipates a restructuring charge of USD45 million to USD65 million related to the job cuts. The charge will mostly include severance and benefits costs, with the majority of the charge expected to occur in its fiscal third quarter.
The company also expects impairment charge of USD160 million to USD200 million in its third quarter as it consolidates some offices.
The San Jose, California-based company had 3,600 full-time workers in 14 countries as of December 31, 2022, according to its annual report.
