Roku said it will eliminate 200 employees, or about 6% of the company’s workforce as part of a new restructuring plan.
The restructuring will result in a nonrecurring charge of $30-35 million, the company said in a filing with the Securities and Exchange Commission.
The company said it will stop using and sublease some of its office facilities.
Roku said that the restructuring is designed to curb its growth in operating expenses and prioritize projects it believes will have a higher return on investment.
In November, Roku said it would be cutting 200 employees, blaming economic conditions.
“Taking these actions now will allow us to focus our investments on key strategic priorities to drive future growth and enhance our leadership position,” the company said at the time.
In the fourth quarter, Roku reported a $237.2 million loss. Revenue was flat at $867 million.
Advertising revenues were up 5%, exceeding Wall Street expectations, resulting in a short-lived 11% increase in its stock price.
Roku shares closed at $63.91 on Wednesday, down 50% for the year but up from a low of $38.26 in December. ■
