Roku shares slump 15% on widening loss

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Roku Inc. shares slumped 15% in after-hours trading Wednesday after it reported a third-quarter loss more than double that of a year ago.

Roku ROKU, +1.06%,  a maker of video-streaming hardware, reported an adjusted loss of 22 cents a share, compared with a loss of $9.5 million, or 9 cents a share, in the year-ago period.

Revenue did jump 50% to $260.9 million, from $173.4 million a year ago.

Analysts polled by FactSet had expected Roku to report a GAAP loss of 28 cents a share on sales of $257 million.

See also: Roku remains a promising stock even after this year’s surge

Roku makes streaming dongles and owns a streaming platform and channel. It went public in 2017 and its stock has been one of the hottest of the year, up 360% in 2019. That compares with gains around 23% and 18% for the S&P 500 index SPX, +0.07%  and the Dow Jones Industrial DJIA, +0.00%  , respectively, in the same period.

The company was under some strain, however, from increased competition, including Apple Inc.’s AAPL, +0.04%   recently launched Apple TV+.

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