Streaming platform Roku said it will eliminate 200 jobs in the U.S., citing “current economic conditions,” cutting nearly 7% of its overall workforce.

“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. “This will affect approximately 200 employee positions in the U.S. Taking these actions now will allow us to focus our investments on key strategic priorities to drive future growth and enhance our leadership position.”

As of Dec. 31, 2021, Roku had about 3,000 full-time employees located in 13 countries.

Roku joins a wave of other tech and media companies making layoffs recently, including Amazon, Disney, Meta, Paramount Global, the CW, Snap, Twitter and Warner Bros. Discovery.

In an SEC filing, Roku said the job cuts will result in charges of approximately $28 million to $31 million, primarily consisting of severance payments, notice pay (where applicable), employee benefits contributions and related costs. The company expects that the majority of the restructuring charges will be incurred in the fourth quarter of 2022 and that the headcount reductions, including cash payments, will be substantially complete by the end of the first quarter of fiscal 2023.

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