U.S.-based streaming company Roku is planning to cut hundreds of positions in its workforce and slow down its hiring process in an effort to boost profits after a series of quarterly losses.
In a Securities and Exchange Commission (SEC) filing Wednesday, Roku, which specializes in audio and video manufacturing, said it plans to lay off 10 percent of its workforce, or approximately 360 people.
Roku is hoping for a restructuring charge boost of $45 million to $65 million related to the layoffs, as the charge will include severance and benefits costs.
According to an annual report, the San Jose, Calif.-based tech firm had 3,600 full-time workers in 14 countries as of December.
Tech companies such as Spotify, Microsoft, Amazon and Meta have also announced layoff measures in the recent months, citing slow revenue growth and previous concerns about the U.S. facing another recession.
In the filing, Roku said it expects an adjusted third-quarter revenue between $835 million and $875 million. The company said that it anticipates job cuts will most likely be complete by the end of its fiscal fourth quarter.
The Associated Press contributed.
Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.