Shares of connected-TV platform company (NASDAQ: ROKU) crashed on Friday after the company reported financial results for the fourth quarter of 2023. Many of the company's numbers were better than anyone expected. But there was still enough concern that investors knocked Roku stock down by 20% as of 9:50 a.m. ET.
In Q4, Roku reached 80 million active accounts, a 14% year-over-year increase. This represented 10 million new accounts in 2023, its second-best year ever. And thanks to growth in active users, people streamed over 106 billion hours of content over Roku devices in 2023, up 21%.
From a user perspective, Roku's growth was good -- encouraging, considering how competitive the space is. Unfortunately, the company's ability to monetize its audience worsened in 2023, which is likely why the market is unpleased today.
Source Fool.com