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Roku to cut 360 jobs as costs continue to rise

Roku corporate headquarters

Roku to cut 360 jobs amid rising expenses

Roku is laying off 10 percent of its workforce, or about 360 people, as part of a restructuring to control its escalating expenses.

The streaming platform also revealed better-than-expected fiscal third-quarter projections.

It plans for office space consolidation, limited hiring, and a strategic content portfolio review. 

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Roku expects restructuring charges of $45 million to $65 million related to the job cuts, primarily in the third quarter. 

It has approximately 3,600 employees. 

The company expects impairment charges of $160 million to $200 million due to the discontinuation of certain office facilities.

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Additionally, it expects $55 million to $65 million associated with removing select licensed and produced content from its TV streaming platform services. 

Excluding these charges, Roku foresees surpassing its previous fiscal third-quarter forecasts, with expected revenue ranging from $835 million to $875 million (up from a late-July estimate of $815 million) and an adjusted Ebitda loss of $20 million to $40 million (compared to the prior guidance of a $50 million deficit). 

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