Roku Inc (NASDAQ:ROKU) traded up 10% in Wednesday’s early deals, after announcing an uncommon pairing – an upgrade to revenue expectations and cost cutting by laying off 10% of its workforce.
The streaming technology firm expects third-quarter revenue to land between $835 million and $875 million, up from the $828.6 million that Wall Street analysts previously penciled in.
It also expects to report a narrower loss, with guidance for adjusted earnings now seen at negative $20 million to negative $40 million, from $50 million.
Staff numbers are due to be cut by 10%, meanwhile, the company plans to consolidate its office space and will reportedly review its content portfolio as management seeks to trim costs further.
In New York, Roku stock was up 9.89% at $92.01.