TV streaming hardware and software company Roku has announced in an SEC filing that it plans to lay off approximately 10% of its workforce — it represents more than 300 employees. The company is trying to reduce its operating expenses as they have been growing at a rapid pace.

At the end of 2022, Roku said that it had approximately 3,600 full-time employees located in 14 countries. But this isn’t the company’s first round of layoffs. In March, the company laid off around 200 employees.

In addition to today’s layoffs, Roku says that it plans to consolidate its office space utilization, perform a strategic review of its content portfolio and reduce outside services expenses. New hires will also be limited going forward.

And because of layoffs, Roku expects to spend $45 million to $65 million in the current quarter in severance and benefits costs. In addition to that, the company also expects an impairment charge of $55 million to $65 million as part of the content portfolio changes and another impairment charge of $160 million to $200 million as the company plans to cease to use certain office facilities.

In addition to its streaming boxes and the licensing revenue involved with the sales of Roku-licensed devices, Roku generates revenue from its platform. The company has a streaming service called The Roku Channel, which aggregates three different types of content.

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