Roku Implements Layoffs and Cost Reduction Measures
Roku is laying off 10% of its workforce, amounting to over 300 employees, as part of its ongoing efforts to control costs. The company will also remove certain licensed and owned content from its platform, resulting in an impairment charge of up to $65 million. This marks Roku's third round of job cuts in less than a year. In addition to the layoffs, the company plans to reduce office space and outside services expenses. Roku expects to record restructuring and impairment charges in the third quarter of 2023. Despite the cost-cutting measures, Roku's Q3 net revenue is expected to be in the range of $835 million to $875 million.