Roku to cut about 6% of workforce, or roughly 200 employees

In a regulatory filing, Roku said that on March 29, it approved a restructuring plan to lower the company’s year-over-year operating expense growth and prioritize projects that the company believes will have a higher return on investment, which is expected to impact approximately 200 employees, approximately 6% of the company’s workforce, and result in the exit and sublease, or cease use, of certain office facilities that the company does not currently occupy. The company estimates that it will incur non-recurring charges of approximately $30M-$35M in connection with the plan, primarily consisting of severance payments, notice pay, employee benefits contributions and related costs and impairment charges related to the exit and sublease, or cease use, of certain office facilities that the company does not currently occupy. The company expects that the majority of the restructuring charges will be incurred in the first quarter of fiscal 2023 and that the implementation of the headcount reductions, including cash payments, will be substantially complete by the end of the second quarter of fiscal 2023.