Roku to Layoff 10% Of Its Workers
Roku to Layoff 10% Of Its Workers
admin 2023/09/06 22:31Roku, the streaming company we all know and love, is making headlines again, and unfortunately, it's not for something good.
They've just announced that they're saying goodbye to about 10% of their workforce, which adds up to roughly 360 people. Ouch!
This isn't the first time this year that Roku has had to trim down its team. Back in March, they had to say farewell to around 200 employees, and then they did it again in November with another 200 folks. It's tough news for those affected and a reminder of how the streaming industry can be a rollercoaster ride.
These layoffs probably aren't a sign of good times for Roku but it made Wall Street happy as their stock rose on the news. Roku is really going all out with their cost-cutting measures. Besides the layoffs, they're doing a bunch of other stuff to tighten their belts. They're consolidating office space, slowing down on hiring new folks, and trying to spend less on outside services. It's like a budgeting frenzy over there!
In terms of money matters, Roku is bracing themselves for some big charges in the third quarter, potentially up to $330 million. That includes a chunk of it, around $160 million to $200 million, going towards office facilities and another $45 million to $65 million for the job cuts. It's a hefty bill to pay for making these changes.
But that's not all. Roku's also doing some spring cleaning with their content. They're saying goodbye to some of their licensed and produced content, which is part of their "strategic review of its content portfolio." That's fancy talk for getting rid of stuff that isn't working.
As for the layoffs, they're aiming to wrap most of it up by the end of their fiscal fourth quarter. As of December 2022, they had about 3,600 full-time workers. Let's hope all these moves help Roku get back on track and keep bringing us the streaming goodness we enjoy. They might be facing some challenges in the ever-competitive world of streaming. But let's hope they can bounce back stronger and continue providing us with those awesome streaming options we enjoy.
https://www.cnbc.com/2023/09/06/roku-to-lay-off-10percent-of-workforce...
They've just announced that they're saying goodbye to about 10% of their workforce, which adds up to roughly 360 people. Ouch!
This isn't the first time this year that Roku has had to trim down its team. Back in March, they had to say farewell to around 200 employees, and then they did it again in November with another 200 folks. It's tough news for those affected and a reminder of how the streaming industry can be a rollercoaster ride.
These layoffs probably aren't a sign of good times for Roku but it made Wall Street happy as their stock rose on the news. Roku is really going all out with their cost-cutting measures. Besides the layoffs, they're doing a bunch of other stuff to tighten their belts. They're consolidating office space, slowing down on hiring new folks, and trying to spend less on outside services. It's like a budgeting frenzy over there!
In terms of money matters, Roku is bracing themselves for some big charges in the third quarter, potentially up to $330 million. That includes a chunk of it, around $160 million to $200 million, going towards office facilities and another $45 million to $65 million for the job cuts. It's a hefty bill to pay for making these changes.
But that's not all. Roku's also doing some spring cleaning with their content. They're saying goodbye to some of their licensed and produced content, which is part of their "strategic review of its content portfolio." That's fancy talk for getting rid of stuff that isn't working.
As for the layoffs, they're aiming to wrap most of it up by the end of their fiscal fourth quarter. As of December 2022, they had about 3,600 full-time workers. Let's hope all these moves help Roku get back on track and keep bringing us the streaming goodness we enjoy. They might be facing some challenges in the ever-competitive world of streaming. But let's hope they can bounce back stronger and continue providing us with those awesome streaming options we enjoy.
https://www.cnbc.com/2023/09/06/roku-to-lay-off-10percent-of-workforce...
