SAN FRANCISCO: Roku Inc's high-flying stock tumbled 15per cent on Monday after Morgan Stanley downgraded the video streaming company, warning that revenue and profit growth could slow next year.
Shares of the San Jose, California company, which reported a wider loss for the September quarter, are valued at an elevated 12 times revenue expected over the next 12 months, compared to a multiple of about 6 for streaming leader Netflix, according to Refinitiv. Reflecting growing competition in hardware used to deliver streaming services, Roku's stock tumbled 28per cent over three days in September after Comcast said it would offer internet customers a streaming media set top box for free.
Also on Monday, Netflix fell 2.2per cent, trimming its gain in 2019 to 15per cent. Over last week's U.S. Thanksgiving holiday, the company began streaming its hit mobster movie"The Irishman," which JPMorgan said could boost its shares.
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