Roku Inc ROKU shares traded lower during Wednesday's after-hours session despite better-than-expected second-quarter results and solid third-quarter guidance.
The company reported quarterly earnings of $0.52 per share. The figure beat the analyst consensus estimate of $0.12 per share.
Sales totaled $645 million, compared to a $618.5 million analyst estimate. Total sales were up 81% on a year-over-year basis.
Roku said it expects third-quarter sales around $680 million at the midpoint of its guidance range. This was better than the $645 million analyst consensus estimate.
The company's gross profit for next quarter is expected around $320 million.
Company CEO Anthony Wood said, "Roku delivered a strong second quarter, with record revenue growth that was driven by exceptional performance in platform monetization. Audiences, content, and advertisers continue their shift to TV streaming around the globe, and Roku is a key enabler of this long-term secular trend. We more than doubled monetized video ad impressions year-over-year, and leading media companies are increasingly turning to Roku’s tools to grow their DTC (direct to consumer) services."
Shares traded down more than 8% in Wednesday's after-hours session. The stock last traded at $384.99.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
