Balanced News: Roku stock jumps after company says it will lay off 10% of workforce

Streaming software company Roku has announced plans to lay off 10% of its workforce, approximately 360 people, in an effort to reduce expenses. The company aims to bring down its year-over-year operating expense growth rate and has raised its third-quarter revenue guidance. Roku will also consolidate office space, slow down new hiring, and reduce outside services expenses. The layoffs are expected to be mostly complete by the end of the fiscal fourth quarter. Roku had previously cut 200 employees in March and another 200 in November. The company hopes these cost-cutting measures will lead to profitability.