(Bloomberg) -- Roku Inc. shares tumbled in extended trading on Wednesday after it reported second-quarter results that missed expectations on key metrics.
The video-streaming platform company reported 55.1 million active customer accounts for the quarter and 17.4 billion streaming hours. The Bloomberg Consensus estimate had been for 55.8 million active customer accounts and 19.19 billion streaming hours.
“In the near term, the varying rates of recovery from the pandemic around the world continue to present an uncertain operating environment,” the company wrote in a letter to shareholders. “While there will be a slowdown in year-over-year growth relative to last year’s pandemic-driven acceleration, we expect continued significant growth in the second half of the year.”
Shares fell 8.4% after the market closed.
Roku forecast third-quarter net revenue of $675 million to $685 million. The analyst consensus is for revenue of $646.5 million.
For the second quarter, Roku revenue came in at $645.1 million, above the $613.1 million estimate.
Shares of Roku are down about 12% from a record close hit in July, though it remains up nearly 50% from a May low, based on its most recent close. The stock rose 0.6% in Wednesday’s regular session.
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