After hitting the public markets in September 2017, (NASDAQ: ROKU) shares skyrocketed more than 1,900% in a period of less than four years. This business benefited from loose monetary policy, a risk-on investing environment, and rapid growth in the streaming industry. Only these ingredients could help to catapult a consistently unprofitable enterprise to such an elevated valuation. 

However, with more subdued market sentiment, coupled with heightened economic uncertainty today, Roku's stock is down 87% from its peak (as of April 10). And shares now trade at a price-to-sales multiple of 2.8, which is nearly the cheapest they have ever been. Does this mean that it's time to buy Roku stock? 

Roku's growth throughout the past few years has been outstanding, particularly as it rode the wave of viewers ditching cable TV in favor of the more user-friendly streaming option. But in 2022, Roku faced a notable slowdown. Revenue for the full year of $3.1 billion was up just 13.1% versus 2021, far lower than the greater than 50% gains posted in three straight years before 2022. And in the fourth quarter, sales increased by just 0.2%. Like many pandemic darlings, this business is dealing with a new economic reality. 

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Source Fool.com