Roku Inc ROKU shares are trading lower by 7.18% to $48.12 during Friday's session after Cannonball Research downgraded the stock from Buy to Neutral and announced a $57 price target.
The stock may also be trading lower on continued downward momentum after the company issued fourth-quarter sales guidance below analyst estimates.
What Happened With Roku Earnings?
Roku reported third-quarter revenue of $761.4 million, up 12% year-over-year. The total beat a Street estimate of $702.3 million, according to data from Benzinga Pro.
Platform revenue in the third quarter was $670.4 million, up 15% year-over-year. The company said this was lower than its historical growth but also noted it might be a positive in the “difficult macro environment.”
The company said advertising spending is growing more slowly than earlier in the fiscal year...Read More
Roku has a 52-week high of $314.70 and a 52-week low of $44.50.
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