Roku says TV ad spend won’t recover to pre-pandemic levels until ‘well into 2021’
A video sign displays the logo for Roku, after the company’s IPO at the Nasdaq Market in New York, September 28, 2017.
Brendan McDermid | Reuters
Roku, while reporting its second-quarter earnings Wednesday, said the advertising industry outlook remains uncertain in the second half of the year, and believes total TV ad spend won’t recover to pre-Covid-19 levels until “well into 2021.”
The company, which saw shares up less than 1% in extended hours trading Wednesday, said it was still confident in its ability to grow its ad business, “albeit not as much as we would have expected prior to the pandemic, as marketers re-allocate spend and follow consumers in the shift to streaming.”
Roku reported revenue of $356 million for the quarter (up 42% year over year) versus analyst expectations of $315 million. It reported a loss per share …continued .
[Source: CNBC News]