U.S.-based streaming firm Roku is planning to chop a whole lot of positions in its workforce and decelerate its hiring course of in an effort to spice up income after a collection of quarterly losses.
In a Securities and Change Fee (SEC) submitting Wednesday, Roku, which focuses on audio and video manufacturing, mentioned it plans to put off 10 p.c of its workforce, or roughly 360 folks.
Roku is hoping for a restructuring cost increase of $45 million to $65 million associated to the layoffs, because the cost will embody severance and advantages prices.
In accordance with an annual report, the San Jose, Calif.-based tech agency had 3,600 full-time staff in 14 international locations as of December.
Tech firms similar to Spotify, Microsoft, Amazon and Meta have additionally introduced layoff measures within the latest months, citing gradual income progress and former considerations concerning the U.S. going through one other recession.
Within the submitting, Roku mentioned it expects an adjusted third-quarter income between $835 million and $875 million. The corporate mentioned that it anticipates job cuts will more than likely be full by the tip of its fiscal fourth quarter.
The Related Press contributed.
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