3/30, 12:50 PM (Source: TeleTrader)
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Chart for: Roku

Roku's restructuring to affect about 200 workers

Roku Inc. is going through a restructuring that will affect approximately 200 employees or 6% of its total workforce, the company stated in a filing submitted to the United States Securities and Exchange Commission (SEC) and published on Thursday.

The enterprise said the goal of the plan, which it approved the day before, is to reduce its "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." It projected the scheme will begin unrolling in the first quarter of the fiscal year 2023 and likely be completed in the second one.

Roku also estimated that "it will incur non-recurring charges of approximately $30 to $35 million 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."

Baha Breaking News (BBN) / JR