The streaming platform Roku announced on Thursday it intends to lay off 200 employees following a decline in advertising revenue in the third quarter.
Roku announced on Thursday that it plans to eliminate 200 jobs in the United States after poor company earnings.
"Due to the current economic conditions in our industry, we have made the difficult decision to reduce Roku’s headcount expenses by a projected 5%, to slow down our OpEx growth rate," Roku said in a company statement on Thursday. "This will affect approximately 200 employee positions in the U.S. Taking these actions now will allow us to focus our investments on key strategic priorities to drive future growth and enhance our leadership position," the company added.
The recent layoffs account for about 7% of Roku's overall workforce. Last year, the company had nearly 3,000 employees on its payroll, operating across the globe in 13 countries. News of the downsizing caused Roku's shares to decline by over 3% during pre-market trading on Thursday morning. According to an SEC filing, Roku claims the layoffs will result in approximately $28 million to $31 million in charges for severance payments and employee benefits contributions.
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