Though Roku’s stock fell more than 15 percent after a disappointing earnings report Wednesday, CFO Steve Louden told Cheddar he is confident the company is positioned for success amid the ongoing streaming wars.
"We are the largest streaming platform in the U.S. and we have a neutral position amongst a lot of the different stakeholders within the ecosystem, which has served us well," he said.
Louden said Roku, a service that lets users access a variety of streaming services from one spot, is platform-agnostic, making it an "essential partner in the industry," noting that it will be an access point for both the new Apple TV+ and Disney+.
"If you’re a new service and you want to have a successful direct-to-consumer strategy, then you need to be on the number one platform in the U.S.," Louden said.
Though Roku’s stock was still down Thursday, Louden said he doesn’t worry about short-term fluctuations. In its Q3 earnings report, Roku noted users streamed 10.3 billion hours over the last quarter and reported a 50 percent revenue jump. Roku reported a loss of $26.5 million.
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
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