Roku’s shares are slumping again a day after the company unveiled updates to its lineup of streaming television devices and a new operating system.
The company’s stock is down more than 17% so far this week, as of Tuesday morning, and Roku continues to struggle to live up to an over-hyped IPO. Roku closed its first day of trading on the Nasdaq last week with shares at $23.50, and the stock nearly hit $30 per share before the weekend. But, an initial surge gave way to a sell-off of Roku shares, and stock price is now down nearly 7% just on Tuesday, sitting around $21.60.
The stock decline comes amid fears of overvaluation of Roku, which has yet to turn a profit since being founded in 2002 and which also faces increasing competition from larger rivals on the streaming device market, including Amazon, Apple, and Google.
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On Monday, Roku announced several updates to its streaming devices, along with Roku OS 8, the company’s new operating system that adds new options for searching both streaming entertainment options as well as live TV programming. Roku also introduced updated versions of its streaming devices, adding new processors to the Roku Express, the Roku Express+, and Roku’s 4K video-capable streaming sticks. The company said the new processors are five times more powerful than those in previous models. Roku also lowered the price of its Roku Ultra, which also offers support for high-quality 4K video, dropping the price to $99.99 from $129.99. (Apple’s recently announced new Apple TV 4K starts at $179.)
The updates comes after both Apple and Amazon recently announced upgrades to their own lines of streaming devices, including Apple’s introduction of 4K and HDR streaming video. Roku CEO Anthony Wood has maintained in the past that his company has an advantage against its larger competitors because of its agnostic platform, as Roku does not produce its own original programming that it would prioritize over other content from its offering of more than 5,000 streaming channels.