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A major Roku layoff is coming

 There will be a significant reduction in Roku staff. 

Roku shares rose on Wednesday after the video streaming company announced plans to lay off more than 300 employees, or about 10% of its workforce, and remove some content from its streaming platform to reduce operating costs.



This is Roku's third round of layoffs in recent months, following the termination of approximately 400 employees between November and March. According to its annual report, the company had roughly 3,600 full-time employees in 14 countries at the end of last year.


The company announced the layoffs in July, citing "remains muted industry-wide" TV advertising as one of its primary sources of revenue. This comes as the company struggles to make a profit. The second quarter's net loss was $107.6 million, compared to $112.3 million in the previous year's comparable period.



By the end of the fourth quarter of fiscal 2023, it is anticipated that the most recent round of layoffs will have been finished in large part. To cut costs, Roku also intends to limit new hires and consolidate office space.


In the third quarter, the business now anticipates total net revenue of $835 million to $875 million, up from its previous estimate of $815 million.


The San Jose, California-based company anticipates paying anywhere from $45 million to $65 million in severance and benefits payments as a result of the layoffs. The majority of these costs are anticipated to be incurred during the third quarter.

Additionally, Roku anticipates incurring impairment costs ranging from $55 million to $65 million as a result of the removal of selected previously licensed and produced content from its services on the Roku streaming platform.

The organization declined to share extra subtleties on the substance it intends to eliminate.

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