{"id":57611,"date":"2023-09-06T11:53:48","date_gmt":"2023-09-06T15:53:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/roku-stock-rallies-10-after-company-says-it-will-fire-10-of-employees\/"},"modified":"2023-09-06T11:53:51","modified_gmt":"2023-09-06T15:53:51","slug":"roku-stock-rallies-10-after-company-says-it-will-fire-10-of-employees","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=57611","title":{"rendered":"Roku Stock Rallies 10% After Company Says It Will Fire 10% Of Employees"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Video streaming service Roku announced Wednesday it will slash its workforce by 10% and undergo several other cost-cutting measures, sending the embattled pandemic darling stock soaring to near its highest level in over a year.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Roku shares rallied 10% in early trading to above $92, just shy of its 52-week high briefly achieved early last month.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The company also said Wednesday it will close certain office space and remove a significant amount of produced content from its streaming platform.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Roku said it will incur a $45 to $65 million loss related to the layoffs, a $160 million to $200 million loss for the office consolidation and a $55 million to $65 million loss for the streaming cutback.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The company also announced stronger guidance for the current financial period, sharing it expects to lose between $20 million and $40 million this quarter, a narrower loss than the $50 million previously projected by the company.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>The significant cost-cutting moves are a result of \u201cnew CFO Dan Jedda taking steps to help improve prospects for Roku hitting its [earnings] target,\u201d Rosenblatt analyst Barton Crockett explained in a note to clients.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>Roku, which had about 3,600 employees at the end of 2022, announced separate rounds of 200 layoffs apiece in November and March. Its stock is up more than 100% year-to-date, far outperforming the tech-heavy Nasdaq\u2019s 35% gain. But Roku shares are still down more than 80% from its 2021 peak as the company failed to translate investor optimism into profits. The company lost $662 million over the most recent 12-month period.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Chief Critic<\/h2>\n<p>Though many believe Roku&#8217;s efforts will help improve the company&#8217;s bottom line, Roku will \u201cneed to invest [more] to remain competitive in this crowded marketplace,\u201d according to MoffeettNathanson analyst Michael Nathanson. The firm has a sell rating for Roku, setting a $55 price target which implies 40% downside.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Tangent<\/h2>\n<p>Roku\u2019s largest shareholder is Ark Invest, the asset manager helmed by the polarizing stock-picker Cathy Wood. Ark owns 9.7% of Roku, a stake worth more than $1 billion. Roku stock\u2019s poor performance over the past two years has contributed strongly to the laggard return from Ark\u2019s flagship Innovation ETF.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/09\/06\/roku-stock-rallies-10-after-company-says-it-will-fire-10-of-employees\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Video streaming service Roku announced Wednesday it will slash its workforce by 10% and undergo several other cost-cutting measures, sending the embattled pandemic darling stock soaring to near its highest level in over a year. Key Facts Roku shares rallied 10% in early trading to above $92, just shy of its 52-week high briefly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":57612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-57611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Roku Stock Rallies 10% After Company Says It Will Fire 10% Of Employees | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Video streaming service Roku announced Wednesday it will slash its workforce by 10% and undergo several other cost-cutting measures, sending the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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