Roku Cutting 5% of Workforce, Citing Economic Conditions

Roku is cutting its workforce by 5%, to slow its operational expense growth rate, it said in a Thursday statement, citing current economic conditions in the industry. The layoffs will affect about 200 U.S. employees, it said. The company estimates it will incur nonrecurring charges of about $28 million-$31 million in connection with the headcount reductions, primarily consisting of severance payments, notice pay, employee benefits contributions and related costs, said a Thursday SEC filing. Most of the restructuring charges will be incurred in Q4, with most layoffs complete by the end of Q1, it said.