The pandemic darling is still down 80% from its 2021 peak as it continues to bleed money.
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 achieved early last month.
The company also said Wednesday it will close certain office space and remove a significant amount of produced content from its streaming platform.
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.
