Entertainment

Roku to lay off another 200 workers in latest round of cuts

  • 30. Mar 2023. 20:48
  • By The EU Times
Popular Articles
Top Business Ideas You Can Start without Money Invest 5 High-Paying Remote Jobs That Pay Over $100,000 Annually How to Manage Your Budget and Save Money on a Low Income 8 Work-at-Home Jobs Ideal for Introverts

Roku Inc. is set to lay off another 200 employees in its latest round of cost-cutting measures. The streaming device maker, which has become one of the most popular streaming services in the United States, has been facing turbulent times due to the COVID-19 pandemic.

The company announced the latest round of layoffs on Tuesday, citing the continued economic uncertainty caused by the pandemic. The layoffs are expected to occur across all departments, including engineering, product and operations.

The layoffs are the second round for Roku this year, as the company previously laid off about 80 employees in January. The latest cuts bring the total number of employees laid off since the start of the year to nearly 300.

Roku CEO Anthony Wood said in a statement that the pandemic has “significantly impacted our business and the broader streaming industry.” He added that the layoffs were necessary to ensure the company’s long-term success.

“We are committed to making the difficult decisions necessary to ensure our long-term success and the success of our customers and partners,” Wood said.

The layoffs come as Roku faces increased competition from other streaming services. Amazon, Apple and Disney are all launching their own streaming services, while Netflix and Hulu continue to dominate the market.

Roku has also been trying to increase its ad revenue by selling targeted ads to its users. The company has been pushing further into the ad market by acquiring companies such as Dataxu and Nielsen’s OTT advertising business.

Despite the layoffs, Roku is expected to continue to grow in the coming years. The company recently reported that its active user base grew by 35% year-over-year in the fourth quarter of 2020. It also reported that its streaming hours grew by 69% year-over-year.

The streaming industry is expected to continue to expand in the coming years, and Roku is well-positioned to take advantage of the growth. But the company will need to continue to innovate and improve its services in order to keep up with its competitors.