Roku, the TV streaming company, is set to lay off more than 300 employees, constituting approximately 10% of its workforce, as part of its efforts to reduce operating expenses. The company aims to slow its year-over-year headcount expense growth rate through this workforce reduction and other measures.
The move is expected to result in a restructuring charge ranging from $45 million to $65 million, covering severance and benefits costs. The implementation of the reduction, including cash payments, is set to be completed by the end of the fourth quarter of fiscal 2023.
This marks the second significant workforce reduction by Roku in 2023, following a layoff of around 200 employees in March. In November 2022, the company also laid off 200 US employees. These layoffs reflect the company’s ongoing efforts to manage its expenses and streamline its operations.