Roku Stock Is Falling: What's Going On?

Roku Inc ROKU shares are trading lower Thursday after the company announced a round of job cuts. 

"Due to the current economic conditions in our industry, we have made the difficult decision to reduce Roku’s headcount expenses by a projected 5%, to slow down our OpEx growth rate," the company said in a statement Thursday morning. 

The headcount reduction will affect approximately 200 employee positions in the United States. Roku noted that taking these actions right away will allow it to focus investments on key strategic priorities to drive future growth. 

Roku operates a streaming platform that enables content publishers to build and monetize large audiences and provides advertisers with unique capabilities to engage consumers.

See Also: Check Out What Whales Are Doing With ROKU

ROKU Price Action: Roku has a 52-week high of $266.05 and a 52-week low of $44.50.

The stock was down 2.6% at $55.40 at time of publication, according to Benzinga Pro.

Photo: courtesy of Roku.