Why Roku Stock Was Down 5% on Monday
Roku (NASDAQ: ROKU) shareholders lost ground to the market on Monday. The steaming-video specialist's stock fell 5% by 2:45 p.m. ET, compared to a 0.2% drop in the S&P 500. Roku is down significantly in 2022, with shares lower by 77% since early January.
Monday's drop came as investors continue to take a bleaker view of the short-term growth prospects for the industry.
Late last week, Roku announced a plan to slash costs as advertising revenue continues to drop. Executives said the move was aimed at slowing down operating expenses to bring costs more in line with current economic conditions. The move will affect about 200 employees, Roku noted, and should reduce expenses by about 5%.
Source Fool.com
