Roku Inc ROKU is trading lower Thursday morning after the company announced its second-quarter financial results and said streaming hours decreased by 1 billion quarter over quarter.
Roku reported quarterly earnings of 52 cents, which beat the estimate of 12 cents. The company reported quarterly revenue of $645 million, which beat the estimate of $618.54 million.
Roku announced that second quarter streaming hours totaled 17.4 billion, representing a decrease of 1 billion hours from the first quarter.
Total active accounts were 55.1 million, which represented an increase of 1.5 million from the first quarter.
"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," the company stated in a letter to shareholders.
Price Action: Roku has traded as high as $490.76 and as low as $143.21 over a 52-week period.
At last check Thursday, the stock was down 7.69% at $388.
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