Roku lays off 200 employees and reduces headcount by 7%

Streaming platform Roku said it will cut 200 jobs in the US, citing “current economic conditions” and shedding nearly 7% of its total workforce.

“Due to the current economic conditions in our industry, we have made the difficult decision to reduce Roku’s personnel expenses by a projected 5% to slow our rate of operational growth,” the company said in a statement Thursday. “This will affect approximately 200 employee positions in the US. Taking these actions now allows us to focus our investments on key strategic priorities to drive future growth and extend our leadership position.”

As of December 31, 2021, Roku had approximately 3,000 full-time employees in 13 countries.

Roku joins a wave of other tech and media companies that have recently made layoffs, including Amazon, Disney, Meta, Paramount Global, CW, Snap, Twitter, and Warner Bros. Discovery.

In an SEC filing, Roku said the job cuts will result in costs of approximately $28 million to $31 million, consisting primarily of severance payments, termination payments (if applicable), social security contributions, and related costs. The Company anticipates that the majority of the restructuring costs will be incurred in the fourth quarter of 2022 and that the workforce reductions, including cash payments, will be substantially complete by the end of the first quarter of fiscal 2023.

https://variety.com/2022/digital/news/roku-layoffs-200-employees-1235435468/ Roku lays off 200 employees and reduces headcount by 7%

Charles Jones

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