Roku is the latest company to reveal plans to lay off 200 staff to reduce costs in a challenging economic environment.

The streaming device maker also wants to vacate or sublease its unused office space.

The latest layoffs are around six percent of its headcount, following 200 US staff cuts last year.

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The San Jose company has previously warned of a tough economy and a sluggish ad market.

Other tech companies, like Amazon and Meta, have revealed additional huge job cuts.

Roku said in a regulatory filing that the plan would incur between $30 and $35 million in nonrecurring charges.

A company spokesperson said: “We believe these actions are necessary to enhance our leadership position in TV streaming and achieve our goals.

“As part of our ongoing efforts to focus our spending on key strategic priorities… Roku has decided to reduce or postpone some lower-priority programs and initiatives.”

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Roku did not reveal the locations of the office leases it wants to terminate or the number of jobs that will be lost in California.

Last month, leaders informed investors that the firm was still well-positioned but that economic conditions had pressured the ad market, resulting in lower revenue.

The firm also disclosed in a regulatory filing it had nearly $487 million at the collapsed Silicon Valley Bank or about 26 percent of its cash and cash equivalents balance. 

Source: Los Angeles Times

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