The streaming platform also said it expects adjusted third-quarter revenue of between $835 million and $875 million, which is much better than what Wall Street was projecting.
Roku is cutting about 10% of its workforce, or 360 people, and it will limit new hiring as it cuts costs to stem a series of quarterly losses.
The charge will mostly include severance and benefits costs, with the majority of the charge expected to occur in its fiscal third quarter. An impairment charge of $55 million to $65 million is anticipated for removing certain existing licensed and produced content from Roku-operated services on its tv streaming platform.REUTERS
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Roku to cut 10% workforce, curb hiring By ReutersRoku to cut 10% workforce, curb hiring
Read more »
Roku plans to lay off 10% of staff in cost-cutting moveRoku Inc. plans to lay off 10% of its staff as it looks to slow the growth of its operating expenses, the company said Wednesday.
Read more »
Roku plans to lay off 10% of staff, boosts revenue outlookRoku Inc. plans to lay off 10% of its staff as it looks to slow the growth of its operating expenses, the company said Wednesday.
Read more »
Roku Says It Will Fire 10% of Employees, Stock JumpsIt will also reduce office space and look at other sources of cost savings.
Read more »
Roku To Lay Off 10% Of Staff & Launch “Strategic Review Of Content Portfolio”Roku is laying off around 10% of staff as it “performs a strategic review of [its] content portfolio.” The media company will be hit with a restructuring charge of around $45M to $65M f…
Read more »