Shares of streaming platform Roku (NASDAQ:ROKU) are in the green today after the company announced a restructuring plan that involves a 6% headcount trim.
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Roku is looking to lower its operating expenses and focus on projects that offer a higher return on investment. Consequently, the company is doing away with 200 positions and will also exit or sublease some office facilities.
The move is expected to result in one-time charges in the range of $30 million and $35 million. A major part of the restructuring is expected to be completed in Q1 2023.
Overall, the Street has a $71.16 consensus price target on ROKU, implying an 11.3% potential upside in the stock. That’s on top of a nearly 58% surge in the share price so far in 2023.
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