Shares of (NASDAQ: ROKU) fell 13.1% in September, according to data from S&P Global Market Intelligence. The company took necessary but painful cost-cutting steps early in the month, undermining the progress Roku and its stock had made year to date. That move started another stock price slide that continued for the rest of the month.

Roku's stock roared into September on a full head of steam. Its price doubled in the first eight months of 2023, a solid rebound but far from a full recovery after a price slide of 82% in 2022.

The momentum did not carry on last month. On Sept. 5, the company announced a wide-ranging cost-control program. Its head count will fall by 10% by the end of this year, alongside cuts to the Roku Channel's portfolio of streaming content and tighter spending policies across the company.

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Source Fool.com