The Clap Roku missed top and bottom line estimates in its Q2-2022 earnings report.
The Deets According to CNBC, Roku reported losses of 82 cents per share and revenues of $764 million, both below consensus estimates. Roku also issued a third-quarter forecast that’s $200 million below expectations.
Shares of Roku closed down 23% following the poor earnings report.
Why the Poor Earnings? Roku attributed the loss due to tough economic conditions such as inflation and supply chain disruptions that could hurt the selling of Roku TV and other devices.
They also added that the pressure from the downturn in the advertising market might continue.
Other tech companies that rely significantly on advertising business also posted poor Q2-2022 results recently, most notably Snapchat and Twitter.