Roku is cutting about 10% of its workforce, or 360 people, and it will limit new hiring as it cuts costs to stem a series of quarterly losses.
The streaming platform also said in a regulatory filing Wednesday that it expects adjusted third-quarter revenue of between $835 million and $875 million, which is much better than the $828.6 million that Wall Street was projecting, according to analysts polled by FactSet.Roku Inc. anticipates a restructuring charge of $45 million to $65 million related to the job cuts.
The Silicon Valley company also expects impairment charge of $160 million to $200 million in its third quarter as it consolidates some offices. An impairment charge of $55 million to $65 million is anticipated for removing certain existing licensed and produced content from Roku-operated services on its tv streaming platform.
The San Jose-based company had 3,600 full-time workers in 14 countries as of Dec. 31, 2022, according to its annual report.After a streak of profitable quarters during the pandemic, Roku has put up a string of quarterly losses that began in 2022. The company said in late July, when it posted a $107.6 million loss, that television advertising"remains muted industry-wide," but that it's in a good place to accelerate growth as advertising recovers.In:
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