Roku stocks see sharp drop, continuing decline of more than half a year
Streaming company saw shares skyrocket during pandemic before cool-off last summer.
Streaming giant Roku saw a sharp dip in stocks this week, a slide that continued a long downward trend for the company that has been occurring since last July.
Roku was among the streaming services that saw major share gains from the outset of the COVID-19 pandemic, a reflection of a mass consumer exodus to streaming home-based entertainment amid COVID lockdowns and stay-at-home orders.
The company—which offers a media player where users can consolidate multiple streaming services—saw steady gains and elevated stocks through 2020 and into mid-2021, but by late July shares had begun a downward trend that continues to this day.
On Friday the company saw shares drop as high as 30%, its largest one-day drop in company history.
Other companies have witnessed similar drops as the pandemic has worn on and entertainment venues have reopened.
Roku competitor Netflix has seen shares tumble, as has home-exercise equipment manufacturer Peleton, which has been forced to initiate mass layoffs as its shares have dropped over the past year.