The company’s laying off a full ten percent of its workforce, over 300 employees, in addition to a conducting a number of other cost-cutting measures, as reported by Variety.
These job cuts are just the beginning, as Roku’s also removing streaming content, consolidating office space and reducing outside service expenses.
The goal here is a major reduction in the year-over-year operating expense growth rate.
The company hasn’t announced which content it would be removing from its various streaming platforms and whether or not these cuts would be culled from third-party providers or from in-house projects like the recently-released Weird Al biopic.
Roku’s so serious about these cuts that it’s willing to pony up $65 million for impairment charges after deleting this content, according to an SEC filing.
However, even Roku admits these figures are uncertain, noting in a Q2 letter to shareholders that the “macro environment continued to create uncertainty,” given the ongoing WGA and SAG-AFTRA strikes.
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The latest deal between Foxconn and Wisconsin reduces the planned subsidies for the project, which ultimately could have cost taxpayers over $4 billion. Foxconn is now eligible for $80 million in tax credits,down from $2.85 billion. Governor Tony Evers said those credits are in line with those for which any company is eligible. They’re performance-based and will depend on whether Foxconn hits capital investment and employment targets.
Emphasis above is all mine. This is non-news. They talked about what could have been but the subsidy was based on actual invements being made and people being hired.
Foxconn created ~1500 jobs (e.g. ~11% of what they targeted) and only got ~2.8% of the subsidy. Didn’t Michigan win?
“Foxconn hired hundreds of workers toward the end of 2019, claiming them on its report to the state for the 2019 year, and then quickly laying the employees off early in 2020.”
“total costs for taxpayers and ratepayers to build the manufacturing campus to $683 million… with more costs likely to come.”
That doesn’t sound like winning. The state spent a fortune up front on surrounding infrastructure that was needed before Foxconn could start operating, and they never started operating.
A lot of people are totally unwilling to pay for digital services, especially those that were originally free to access. Like yeah, it feels good to to call people on fb idiots I guess, but that’s not really an argument for their willingness to pay for fb.
In a similar affair, they were forced to unb(l)unde® Internet Explorer from the OS and provide a tool to help the user choose their preferred web browser during install/first startup.
The move follows a three-year saga that began when Slack filed an antitrust complaint against its competitor, claiming that including Teams in these bundles was illegal and that Microsoft was blocking some people from getting rid of the program.
The tech giant finally agreed to separate Teams from its productivity suites earlier this year but said it was “unclear” how it would happen.
Then, in July, the European Commission appeared to get tired of waiting and launched a probe into whether bundling Teams into productivity suites was in defiance of EU competition rules.
Starting October 1st, Microsoft 365 and Office 365 should each be available for €2 less per month or €24 across the whole year for customers in the European Economic Area (EEA) or Switzerland.
However, Microsoft claims that any frontline workers or small business owners in the region will still have the option to include Teams in their purchase.
Microsoft also says it will create additional support resources to direct developers to public APIs and address questions from users, such as how their data is being transferred from Teams.
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Wooing Foxconn to set up shop in the US was always a head-scratcher. These are the kinds of jobs Americans were jealous Asians had, and wanted to reshore? Low-margin contract manufacturing? Really?
Actually yes. Though not the business owners really. Instead it was society and strategic planners. It is matter of supply security, not of profit maximization. Which is why incentives and penalties were involved.
Also presumably lacking the cheapest of cheap labor, production automation would be increased. In low cost production countries like China, they don’t always use hordes of cheap labour due to not being able to automate. Rather it is cheaper to use lot of wage slaves operating manual machines, than to pay for the more expensive specialized automated production machinery. Specially on short term. On long term the automated machines probably amortize themselves and then start to make gains over the wage slaving, but well that takes time and one thing quarter report stock market capitalism hates is having to wait for anything. They will take less profits overall over decade, if they can get more profits this quarter or this year.
Is it rational? Well no obviously rational business expecting to be around for decade would take the long term bigger overall profits. It’s literally more money earned for the company as long as one plans for the company to be around at the end of the decade. However companies are not managed by rational machines, but instead by these things called CEOs. CEOs, despite their claims, are often anything but rational. CEO’s with personal motives, CEO’s with emotional quirks, CEO’s with inbuilt expectations, CEO’s with in-built assumptions, often wrong assumptions, CEO’s with incentive packages that often are not really that thought through. Stock holders looking to incentivize short time stock gain over long term business profitability.
I remember arguing with a co-worker about how this deal was pure crap, and even if Foxconn delivered all the jobs they said they would, it would take 40 years to recoup the cost of the tax breaks. Scott Walker screwed over that area of the state HARD, people had land ceased/forced out, huge costly changes to the infrastructure in that area where the factory was supposed to be.
Surprise surprise, the shitty deal turned out to be a shitty deal.
"That brought the total costs for taxpayers and ratepayers to build the manufacturing campus to $683 million… with more costs likely to come.
"The debt taken on by the Mount Pleasant village government amounts to 500% of its operating revenue
"Foxconn hired hundreds of workers toward the end of 2019, claiming them on its report to the state for the 2019 year, and then quickly laying the employees off early in 2020.
“Microsoft plans to pay $50 million… to Foxconn, to reimburse it for money it spent to buy land. Meanwhile, local taxpayers will be on the hook to Microsoft, which will be eligible for up to $5 million per year based on improvements it makes to the land — this on a campus for which state and local taxpayers already spent hundreds of millions for road connections and sewer, water and electric infrastructure.”
Did everyone here forget that covid started in 2020? This article tries to knock on foxconn by suggesting that their “market fluctuations” claim is an excuse… DURING PEAK COVID. I wonder why they couldnt hire more people or have more of their building occupied… must have been BLATANT CONSERVATIVE LIES
Ohh I’m sorry I didn’t realize that now that covid is over this multi billion company is coming back to fulfill it’s promises. That’s on me, I must have missed that part.
You are throwing the baby with the bath water. Almost every company had to reduce size, reduce occupancy and reduce output. Disregarding the impact of covid when that was a major reason for companies failing is disingenuous.
This corrupt company worked with the corrupt republican governor to really hurt my state. They can get fucked and I have zero interest in giving them any benefit of the doubt nonsense. This was all planned.
Tell me how it was a sham, and tell me how covid had no effect on why
Occupancy wasnt as great as they said it was given everyone was isolating and staying 6ft distance
Supply chains were heavily backlogged due to companies not getting enough man power. My assumption is that given that foxconn is a materials manufacturer, their reduction in personnel heavily reduced their potential output.
Dude supply chain issues are things like your washing machine is back ordered for two months. And they get better. This is billions of dollars in supposed investments that never showed a sign of arriving and still has not despite the pandemic abating.
I can tell you’re feeling defensive but don’t let that stop you from just googling this topic and reading what you will easily find.
For starters it was to build lcd screens. You know…those things that were already being replaced back before 2017 by oled.
Before ground was broken the entire industry already knew LCD tvs and panels were being replaced, yet that’s what the “state of the art” facility was going to be manufacturing.
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