Streaming device maker Roku is cutting 200 jobs in its second round of layoffs

City says 7,000 summer jobs are available for Boston youth ages 14 to 18

(Reuters) – Roku Inc (ROKU.O) will lay off 6% of its workforce, or 200 employees, in its second round of job cuts, the U.S. streaming equipment maker said, raising its shares nearly 3% before the deadline. The date of the referendum. The bell on Thursday.

In an effort to cut expenses, the company also decided to move out and sub-lease the offices it does not currently occupy.

Roku in November cut 200 US jobs as companies, led by tech giants like Meta Platforms and Inc, brace for a possible economic downturn amid rising borrowing costs around the world.

Job cuts in the US technology sector reached 63,000 jobs in the first two months of the year, according to data from Challenger, Gray & Christmas.

Roku, which had about 3,600 full-time employees as of December 31, expects to incur fees of between $30 million and $35 million related to the restructuring.

The company said most 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.

Earlier this month, Roku said it had about $487 million, or 26% of its cash and cash equivalents, in deposits with SVB Financial Group (SIVB.O), which was closed by California banking regulators.

Additional reporting by Tyachi Datta in Bengaluru; Editing by Arun Koyyur and Shweta Agarwal

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