Roku today released third quarter 2022 results.

The company posted a net loss of $122.2 million, or 88 cents a share, whereas it logged net income of $68.9 million, or 48 a share, in the year-earlier period. Analysts tracked by FactSet were expecting a $1.29 loss on a per-share basis.

Roku also reported a loss of $34 million on the basis of adjusted earnings before interest, taxes, depreciation and amortization. The company had posted positive adjusted EBITDA of $130 million in the year-before quarter. The FactSet consensus was for a $74 million loss on the non-GAAP metric.
Revenue rose to $761 million from $680 million, while analysts were anticipating $696 million.

Roku is the latest technology or media company to announce weakness in advertising sales. The company said it expects a tough economy to pressure consumers and advertiser spending through the holiday season.

“We expect these conditions to be temporary, but it is difficult to predict when they will stabilize or rebound,” Roku said in a letter to shareholders.

The company forecasts fourth-quarter revenue of about $800 million, below the current $897 million average of analysts’ estimates.

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