SAN JOSE, Calif. (KRON) — The list just keeps getting longer. Another Silicon Valley tech company, Roku, announced layoffs for 200 of its workers on Thursday.
The company headquartered in San Jose makes video-streaming devices and employs about 3,000 full-time workers. Roku’s layoff was announced the same week that 10,000 Amazon employees’ jobs were slashed, including 263 workers based at Amazon’s Sunnyvale location.
In documents filed with the U.S. Securities and Exchange Commission, Roku wrote, “On November 17, 2022, Roku, Inc. approved a plan to reduce the company’s headcount expenses by a projected 5% to slow down the company’s 2023 operating expense growth rate due to current economic conditions. This will affect approximately 200 employee positions in the United States.”
Roku wrote, “The company estimates that it will incur non-recurring charges of approximately $28 to $31 million in connection with the headcount reductions, primarily consisting of severance payments, notice pay (where applicable), employee benefits contributions and related costs.”
Many major Silicon Valley companies have also slashed their workforces this November in reaction to an economic slowdown, decades-high inflation, sinking shares, and risks from a looming recession.
In an email message to all Twitter employees on Wednesday, CEO Elon Musk wrote that employees “will need to be extremely hardcore” to build “a breakthrough Twitter 2.0.” Long hours at high intensity will be needed for success, Musk stressed, and any employee who’s not “hardcore” should leave the company.