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Roku lays off 10% of workforce

Roku to lays off 10% of workforce

Roku, the TV streaming platform, has laid off 10% of its workforce in an effort to reduce operational costs. The decision will have an impact on the company’s 300 employees across all divisions.

The company announced the decision in a US exchange filing and stated its intention to implement additional strategies aimed at reducing the year-over-year increase in operating expenses.

Among these strategies are reducing headcount through layoffs and limiting new hiring. The goal is to slow the year-over-year increase in headcount expenses.

The company will support all departing employees with severance packages and other benefits, which are expected to cost the company between $45 and $65 million. All cash payments will be completed by the end of fiscal year 23.

Roku recently implemented layoffs in March 2023, affecting 200 employees. In November 2022, the company also reduced its workforce by 200 employees from its US office. According to media reports, the company will have 3,600 employees by the end of 2022.

The streaming platform based in the United States is known for its diverse range of streaming devices and user-friendly Roku OS. These devices, which include set-top boxes and streaming sticks, provide access to a plethora of streaming services and apps, making content consumption more convenient. Roku’s user-friendly interface makes it simple to navigate and discover new content. It functions as a content aggregator, bringing together popular streaming services such as Netflix, Hulu, and Disney+ in one location.

Roku also includes free channels, its own Roku Channel with both free and premium content, powerful search capabilities, personalization, and compatibility with a variety of TV brands. As a result, it is a versatile and affordable option for streaming enthusiasts.