Roku is laying off around 10% of staff as it “performs a strategic review of [its] content portfolio.”
The media company will be hit with a restructuring charge of around $45 million to $65 million following the redundancy process, which will hit around 300 staffers. The redundancies and charges should have concluded by the end of this year, Roku said.
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Roku made the announcement via an SEC filing early this morning U.S. time, with the filing declaring adjusted revenue and EBITDA Q3 estimations of $835 million to $875 million for the former and negative $20 million to $40 million for the latter. In Q2, Roku revenue jumped to $847 million despite a difficult market, although it had an operating loss of $126 million.
Alongside the layoffs, the California-headquartered outfit is also “performing a strategic review of its content portfolio, reducing outside service expenses” and “consolidating office space utilization.”
Roku expects to record an impairment charge in a preliminary estimated range of $160 million to $200 million related to ceasing to use certain office facilities and an impairment charge in a preliminary estimated range of $55 million to $65 million related to removing select existing licensed and produced content from company-operated services on its TV streaming platform, it said.
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