In an attempt to reduce operational costs, the TV streaming platform, Roku has laid off 10 per cent of its workforce. The decision will impact its 300 employees across divisions.
The company communicated the decision through a US exchange filing and expressed its commitment to introducing further strategies aimed at reducing the year-over-year increase in operating expenses.
These strategies include reducing headcount through layoffs and controlling new hiring. The goal is to slow down the year-over-year growth rate of headcount expenses.
The company will be supporting all the departing employees through severance packages and other benefits, which is expected to cost the company around $45 million to $65 million dollars. All the cash payments will be done by the end of FY23.
Roku recently implemented layoffs in March 2023, when 200 employees were impacted. In November 2022, the company also underwent workforce reduction and let go of 200 employees from its US office. As per media reports, the company had 3,600 employees by the end of year 2022.
The US-based streaming platform is known for its diverse range of streaming devices and user-friendly Roku OS. These devices, including set-top boxes and streaming sticks, grant access to a plethora of streaming services and apps, simplifying content consumption. Roku’s intuitive interface enables easy navigation and content discovery. It acts as a content aggregator, offering popular streaming services such as Netflix, Hulu and Disney+ in one place.
Additionally, Roku features free channels, its own Roku Channel with both free and premium content, powerful search capabilities, personalisation, and compatibility with various TV brands. This makes it a versatile and accessible choice for streaming enthusiasts.
