Shares of Roku Inc fell more than 20% in extended trading on Wednesday after the streaming platform forecast holiday-quarter revenue below Wall Street estimates as ad spending dries up.
"As we enter the holiday season, we expect the macro environment to further pressure consumer discretionary spend and degrade advertising budgets, especially in the TV scatter market," Roku Chief Executive Officer Anthony Wood said in a letter to investors.
The company expects total revenue to be about $800 million in the fourth quarter, down from $865.33 million a year earlier and below analysts' average estimate of $895.5 million, according to Refinitiv IBES. "Roku’s growth will be disrupted by a recessionary environment because advertising budgets on the whole will see cuts, while at the same time TV ad budgets continue to see migration to digital," Third Bridge analyst Jamie Lumle said.
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