Roku’s (ROKU) latest cost-cutting measures should attract additional investors to the streaming-device maker’s stock, CNBC’s Jim Cramer said Wednesday.
Wednesday, Roku said it was laying off about 10% of its workforce, consolidating office space and removing some existing content from its own streaming service. The company said it will book restructuring and impairment charges related to these moves. The majority of those charges will occur in its ongoing fiscal third quarter.
Shares of Roku surged more than 7% on Wednesday, to over $90 each. While the stock has more than doubled so far in 2023, it remains well below its all-time highs of nearly $480 per share, which was reached in July 2021 amid the Covid pandemic.
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