Roku will cut 200 employees in the latest tech layoffs that have swept the U.S. in recent months.

The streaming company has cited "current economic conditions" as the reason for the employee cuts, which amount to about 5% of Roku's workforce.

Variety first reported the layoffs on Thursday.

"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," Roku 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."

Roku plans to be charged $28-$31 million for severance pay, notice pay, and employee benefit contributions, according to the company's SEC filing.

In a third-quarter report, Roku said it began taking steps to slow hiring rates and reduce operating costs. The company warned of a weak fourth quarter, expecting a total net revenue of around $800 million, a decline of 7.5% year over year.

Shares of Roku (ROKU) were down over 3% on Thursday morning before trading began. Roku shares closed at $56.41, down 0.47, or 0.83%.

"There's a lot of uncertainty about the economy and when there's uncertainty around it, there's going to be a recession or consumers are pulling back on spending," Anthony Wood, Roku's chief executive officer, said in a third-quarter earnings call. "This is not a normal holiday season."

Roku had around 3,000 full-time employees in 13 countries as of Dec. 31, 2021. The company is best known for its streaming boxes and has relied heavily on advertising revenue until recently as Roku begins to roll out original content and smart home devices. This month, the streaming service exclusively debuted "Weird: The Al Yankovic Story."

Economists have warned of an impending recession. However, Jan Hatzius, a chief economist for Goldman Sachs said Tuesday that tech layoffs are not a sign of an impending recession.

Other large tech and media companies have announced layoffs include Twitter, Amazon, Disney, Netflix and Meta.

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