Roku is set to go through with its third round of layoffs in less than 12 months, with roughly 10 percent of its workforce (more than 300 people) to be impacted.
This comes as the company is struggling to reduce its operating expenses and cope with the impact of the ongoing writers’ and actors’ strikes.
Additionally, as reported first by Variety, Roku will be removing some of the licensed and owned content that was previously available on its Roku Channel service as part of a “strategic review of its content portfolio.” However, it did not specify which content will be removed.
Further, according to the company’s 8-K SEC filing, its measures to cut costs also include consolidating office space, cutting back on outside expenses, and limiting new hires.
The company expects its latest layoffs to be completed by the end of the fourth quarter of fiscal 2023. It is uncertain if the layoffs would affect Roku’s Toronto office employees.
Roku competes with other streaming device makers like Amazon, Apple, and Google, as well as streaming services like Netflix, Disney+, and HBO Max.