Roku Inc. said it plans to cut about 200 jobs, or some 6% of its workforce, as the company looks to cut costs and focus on high-priority projects.
Roku shares gained 2.8% in premarket trading.
The maker of streaming hardware said it also plans to stop using or subleasing certain offices that it doesn't currently occupy.
Roku said Thursday in a securities filing that it approved the restructuring plan on Wednesday. The company is looking to slash operating costs and focus on projects that it believes "will have a higher return on investment."
Roku's restructuring follows a wave of staff reductions and cost-cutting moves that various companies across technology and other industries have implemented in recent months amid persistent inflation, rising interest rates and uncertainty over how tightening financial conditions will affect the economy.
The company expects to book non-recurring charges of about $30 million to $35 million as part of the restructuring, mostly tied to severance payments and charges tied to the exit of certain office facilities.
Roku said it expects the headcount reductions to be mostly done by the end of the second quarter of fiscal 2023.