Roku Layoffs 2023: What to Know About the Latest ROKU Job Cuts

  • Roku (ROKU) layoffs have the company cutting 200 jobs.
  • That represents roughly 6% of its employees.
  • This comes after it cut 200 jobs back in November.
ROKU Layoffs - Roku Layoffs 2023: What to Know About the Latest ROKU Job Cuts

Source: Michael Vi / Shutterstock

Roku (NASDAQ:ROKU) layoffs are in the news Thursday as the set-top-box company announces a second batch of job cuts.

That will see the company cut 200 jobs, which represents roughly 6% of its workforce. This comes after the company initially cut 200 jobs back in November to better weather the worsening economy.

In that same vein, the company announced its intention to close its currently unoccupied sub-lease office locations. Doing so is part of its continued efforts to decrease spending during a time of economic uncertainty.

In connection to the job cuts, Roku expects to suffer between $30 million and $35 million charges. These charges will take place in the first quarter of 2023, while layoffs are expected to extend into the second quarter of the year, Reuters notes.

Will There Be More Roku Layoffs?

Considering this is the company’s second round of layoffs, it makes sense that traders would wonder if more are on the way. Unfortunately, there’s no way to know just yet if the company will announce more job cuts.

It wouldn’t be too surprising to see Roku further reduce its workforce after today’s layoffs. Several companies have continued to cut jobs, and the tech sector, which the streaming box company is a part of, has been hit particularly hard.

ROKU stock is up 3.5% as of Thursday morning.

Investors seeking more of the latest stock market news are in the right place!

We’ve got all of the most recent stock market news traders need to know about on Thursday! Among that is what has shares of Semtech (NASDAQ:SMTC), Biophytis (NASDAQ:BPTS), and Safe & Green (NASDAQ:SGBX) stock are moving today. You can catch up on all of this news at the following links!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Article printed from InvestorPlace Media,

©2023 InvestorPlace Media, LLC