Roku stock (NASDAQ:ROKU) is plummeting late in the day on Wednesday as the company behind the media player said that its earnings for the period were better than what analysts were calling for, but its profit forecast missed the Wall Street consensus estimate.
The company said that for its third quarter of fiscal 2018, it amassed a loss of $9.5 million, or 9 cents per share, which is stronger than the company’s year-ago loss of $8.79 per share. Analysts were calling for the media device maker to bring in a loss of 12 cents per share, according to a survey of analysts conducted by FactSet.
Roku added that for the period, it raked in revenue of $124.8 million, which was well below the Wall Street consensus estimate of $170.4 million in sales, according to data compiled by FactSet. The company added that for its holiday season, it sees its revenue to be in line with analysts’ guidance.
However, its net income forecast is below the mark as the company calls for a loss in the range of $4 million to a profit of $3 million. Analysts are calling for Roku’s fourth-quarter earnings to come in at around $7 million on average, according to data compiled by FactSet.
The company brought in net income of $6.9 million for its fourth quarter of fiscal 2017.
ROKU stock was up about 5.8% during regular trading hours as the company geared up to reports its quarterly results, which sent the company’s stock sinking close to 8.8% after the bell on Wednesday.
