Roku, a major beneficiary of the government’s takeover of Silicon Valley Bank, will cut 200 workers for the second time in five months. The San Jose-based video streamer held $487 million at the bank.
The San Jose-based firm announced the 200-worker layoff round in a Securities and Exchange CommissionThursday and said it will also leave or sublease unoccupied office facilities. The move will cost Roku $30 million to $35 million in severance and notice pay, benefits, and office costs, the filing said. The workforce cut represents 6% of Roku’s employees.
“We believe these actions are necessary to enhance our leadership position in TV streaming and achieve our goals,” the spokesperson added. Roku would not confirm if this would be the last layoff round of the year, what the severance packages would specifically contain or where in the company the job cuts would be concentrated.
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