Down 80%, Could Roku Stock Finally Turn Around in 2024?
We tend to think of the video streaming wars in relation to the content providers. Companies like Netflix, Amazon, and are investing heavily to win customer eyeballs as people transition from spending most of their video-watching time on cable to largely watching streaming TV. But there is another layer to the streaming wars: connected TV (CTV) hardware and CTV operating systems.
Unsurprisingly, big technology companies like Alphabet, Amazon, and Apple have invested heavily to try and win in this theater of the streaming wars. But one independent player is beating all of them: Roku (NASDAQ: ROKU). The company has the No. 1 CTV operating system in the United States, and it continues to grow users and streaming hours at a rapid pace.
And yet due to investor worries about unprofitability, its stock is off 82% from the all-time high it set during 2021. But Roku management is confident the company is ready to refute these concerns and get into the black in 2024. Does that make the stock a good turnaround bet this year?
Source Fool.com
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