Roku Inc. plans to lay off 10% of its staff as it looks to slow the growth of its operating expenses, the company said Wednesday.
The streaming-media company had about 3,600 employees as of the end of 2022, according to its most recent annual filing. Roku announced prior plans to lay off 200 workers back in March.
Roku ROKU, +2.46% expects to take a $45 million to $65 million restructuring charge related to the latest workforce reduction, mostly consisting of severance and benefits costs, the company said in a Wednesday filing. The company will also consolidate office space, conduct a strategic review of its content portfolio, cut back its expenses on outside services and limit hiring.
Roku expects to book a $160 million to $200 million impairment charge as relates to the changes in office-space usage and a $55 million to $65 million impairment charge pertaining to its plans to remove some licensed and produced content from Roku-owned services on its platform. Walt Disney Co. DIS, -0.55% has also said it would remove some older content from its services in a bid to control expenses.
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