Roku Says It Will Fire 10% of Employees, Stock Jumps

Roku stock was jumping after the company said that it would fire 10% of its workforce. In a filing with the Securities and Exchange Commission, Roku said the company would “implement additional measures to continue to bring down its year-over-year operating expense growth rate by consolidating its office space utilization, performing a strategic review of its content portfolio, reducing outside services expenses, and slowing its year-over-year headcount expense growth rate through a workforce reduction and limiting new hires, among other measures.” Roku raised its third-quarter revenue outlook to $835 million to $875 million not including impairment charges, up from $815 million.