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Roku in Rout in Afterhours as Softer Q4 Outlook Weighs

By Yasin Ebrahim

Investing.com – Roku fell sharply in after-market hours on Wednesday after the streaming device company's softer outlook for the fourth quarter spooked investors and offset third-quarter results that topped Wall Street estimates. 

Roku Inc (NASDAQ:ROKU) was down 19% in after-market trading.

Roku reported a third-quarter loss of $0.88 per share, narrower than the $1.29 loss expected. Revenue rose 12% to $761.4 million to top estimates of $702 million.

Platform revenue, which makes up the bulk of growth, increased 15% year-on-year to $670 million, but that was slower than historical growth rates amid slowing advertising spend.

"Advertising spend on our platform continues to grow more slowly than our beginning-of-year forecast due to current weakness in the overall TV ad market and the ad scatter market in particular," the company said.

Average revenue per user (ARPU) was up 10% to $42.25, while streaming hours increased by 1.1 billion hours over the last quarter to 21.9 billion.

Looking ahead, the company forecast Q4 revenue of $800 million, well below Wall Street expectations of $894.6 million. 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.