Roku to cut 360 jobs as costs continue to rise
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.
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).