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.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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