November 17, 2022
Roku Nov. 17 disclosed it is eliminating 200 employee positions worldwide that will cost the company an estimated $31 million in severance charges as it attempts to trim operating expenses by 5% due to ongoing economic conditions. The streaming video device founder and AVOD co-pioneer announced the move in a regulatory filing.
Roku expects that the majority of the restructuring charges will be incurred in the current fourth quarter (ending Dec. 31) and that the implementation of the layoffs, including cash payments, will be largely completed by the end of the first quarter, ending March 31, 2023.
The San Jose, Calif.-based company said that the job cuts are subject to legal requirements that vary by jurisdiction, which may extend the process beyond the fourth quarter in certain cases.
Roku, which ended 2021 with 3,000 employees in 13 countries, reported a net loss of $122.1 million on revenue of $761.3 million in the most-recent fiscal period, compared with a net income of $68.8 million on revenue of $679.9 million during the previous-year period.