ROKU shares are in free fall, plunging in after hours trading after the company reported worse than expected earnings
ROKU says second quarter revenue increased 18 per cent, missing the estimate of just over 800 million.
The streaming company reported an earnings loss of 82 cents per share, which missed the 68 cents per share expectation.
ROKU says a significant slowdown in TV advertising pressured the platform’s potential revenue growth.
And there’s no immediate end in sight, execs believe these challenges will continue in the near term as economic concerns impact markets worldwide.
ROKU added 1.8 million accounts in the second quarter, bringing its total active accounts up to 63 million.
