What's Going On With Roku Stock Wednesday?
Portfolio Pulse from Anusuya Lahiri
Roku, Inc. (NASDAQ:ROKU) stock is trading higher after the company announced measures to reduce its year-over-year operating expense growth rate. These include consolidating office space, reviewing its content portfolio, reducing outside services expenses, and slowing headcount expense growth through workforce reduction. The company expects to record a restructuring charge of $45 million - $65 million for the workforce reduction. Roku now expects total net revenue of $835 million - $875 million for Q3, up from the prior $815 million.
September 06, 2023 | 1:05 pm
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Roku's stock is trading higher after the company announced cost-cutting measures, including workforce reduction. The company expects a restructuring charge of $45 million - $65 million. Roku now expects total net revenue of $835 million - $875 million for Q3.
Roku's announcement of cost-cutting measures, including workforce reduction, is likely to be seen positively by investors as it shows the company's commitment to improving its financial health. The increase in the company's Q3 revenue forecast also indicates potential growth, which could further boost investor confidence and drive the stock price up.
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