Roku Streaming Device Maker Job Cuts Economic Slowdown 6 Per Cent Workforce

Roku Streaming Device Maker Job Cuts Economic Slowdown 6 Per Cent Workforce

After cutting 200 jobs late last year, streaming device major Roku is set to lay off 6 per cent of its workforce in its second round of job cuts, the media has reported. Roku will be laying off 200 employees, in a bid to lower expenses. The firm is also mulling to exit and sub-lease office facilities that it did not currently occupy, says a report by news agency Reuters.

Earlier in November last year, Roku had cut 200 jobs in the US, where most tech giants such as Meta and Amazon are bracing for a potential economic downturn.

Roku, which had about 3,600 full-time employees as of Dec. 31, expects to incur charges of between $30 million and $35 million related to the restructuring. Majority of the restructuring charges will be incurred in the first quarter of fiscal 2023, while the job cuts will be completed by the end of the second quarter, the company was quoted as saying by Reuters.

Meanwhile, earlier this month, Facebook parent Meta also announced that it would cut another 10,000 jobs, just four months after it let go 11,000 employees. The layoff was confirmed by the Facebook founder and CEO in a post. It was reported earlier that Meta is planning a fresh round of job cuts.

Mark Zuckerberg in his post said that “Meta is building the future of human connection.” He shared two goals for the company’s “year of efficiency”, which includes “to make us a better technology company” and “to improve our financial performance in a difficult environment so we can execute our long-term vision.”

Also, Elon Musk, the new Twitter boss continued to lay off Twitter employees across sales and engineering departments, including one of Musk’s direct reporting executive who was managing engineering for Twitter’s ads business, despite making promises. The new Twitter CEO has done at least three rounds of layoffs, as per media reports. This is happening despite his promise not to sack more employees after his brutal layoff exercise in November that affected two-thirds of the micro-blogging platform’s 7,500 employees.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *