Roku Inc. (ROKU) shares꧃ rose about 8% in early trading Wednesday after the company sai♋d it would lay off 10% of its staff as a part of a broader cost-cutting strategy.

The streaming company is looking to mitigate increasing operating expenses. Beyond the headcount reduction and limiting new hires, Roku is also looking to consolidate office space, reduce outside services and remove underperforming content from its platform.

As a result of layoffs and content reductions, the company anticipates a nine-digit impairment on the balance sheet for the third quarter. The projected cost of severance and benefits to laid-off workers is $45 million to $65 million. Roku anticipates a cost of $160 million to $200 million related to breaking office leases and another $55 million to $65 million related to content taken off the platform.

Despite these charges, Roku has actually revised its third quarter guidance higher. In the company's second quarter earnings release on July 27, Roku anticipated third quarter revenue of $815 million. Now the company pegs thᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚaꦯt number between $835 million and $875 million.

Shares of company stock fell some fr💙om its original jump and were up 5% at midday.