Roku, Inc. ROKU shares are trading higher Thursday in sympathy with Netflix NFLX, which reported better-than-expected Q3 sales results.
What To Know:
After the market close on Wednesday, Netflix reported that its third-quarter revenue increased 7.8% year-over-year to $8.54 billion and quarterly earnings of $3.73 per share, up from $3.10 in the same period last year.
Netflix shares are up more than 15% Thursday following the release of its financial results.
Roku is moving higher in sympathy with Netflix and rebounding from an 8% drop on Wedneday following a Wells Fargo analyst report and lowered price target.
According to a report from Yahoo Finance, Wells Fargo analyst Steve Cahall cited concerns that Roku "could see softness from ad trends" and lowered the ROKU price target from $84 to $70.
Roku is set to announce its third-quarter financial results on Nov. 1 after the market close and will host a conference call to discuss the results at 5:00 p.m. ET the same day.
According to estimates from Benzinga Pro, Roku is expected to announce a loss a $1.98 per share.
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ROKU Price Action: According to Benzinga Pro, Roku shares are up 2.8% at $63.84 at the time of publication.
Image: Courtesy of Roku, Inc.
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