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Roku isn't done cutting jobs in a bid to . The streaming company has that it will lay off another 200 workers, or about six percent of its current headcount. It also plans to either close or sublease offices that aren't in active use. The layoffs will help the firm limit its expenses and focus on projects that will have a "higher return on investment," Roku says.
The device and platform creator expects to pay between $30 million and $35 million to handle the layoffs and building closures. Most of those costs should be paid in the first quarter, or by the end of this month. The layoffs should be finished by the end of Roku's second quarter, or June.
In November, Roku said it would eliminate 200 jobs in response to rough "economic conditions." It expected a year-over-year drop in revenue, and had already been struggling with slowing revenue growth in the second half of 2022. Like fellow internet video rivals and , Roku is grappling with the combination of a looming recession and the end of a pandemic-era boom that kept many people at home watching TV. The company wasn't helped by the failure of Silicon Valley Bank earlier this month — it said it over 25 percent of its cash if regulators hadn't stepped in to .
Roku is far from the only this year. Alphabet, Amazon, Meta and Microsoft have all slashed their workforces, among numerous others. However, Roku's reductions come at a pivotal moment. It just released its , and it's facing stiff competition in hardware and services from the likes of Amazon, Apple and Google. Roku is under pressure to invest heavily in its technology to keep up with its frequently wealthy challengers.
This article originally appeared on Engadget at
Console Bang News!
The device and platform creator expects to pay between $30 million and $35 million to handle the layoffs and building closures. Most of those costs should be paid in the first quarter, or by the end of this month. The layoffs should be finished by the end of Roku's second quarter, or June.
In November, Roku said it would eliminate 200 jobs in response to rough "economic conditions." It expected a year-over-year drop in revenue, and had already been struggling with slowing revenue growth in the second half of 2022. Like fellow internet video rivals and , Roku is grappling with the combination of a looming recession and the end of a pandemic-era boom that kept many people at home watching TV. The company wasn't helped by the failure of Silicon Valley Bank earlier this month — it said it over 25 percent of its cash if regulators hadn't stepped in to .
Roku is far from the only this year. Alphabet, Amazon, Meta and Microsoft have all slashed their workforces, among numerous others. However, Roku's reductions come at a pivotal moment. It just released its , and it's facing stiff competition in hardware and services from the likes of Amazon, Apple and Google. Roku is under pressure to invest heavily in its technology to keep up with its frequently wealthy challengers.
This article originally appeared on Engadget at
Console Bang News!