That's why Roku and Shopify now trade about 84% and 52% below their record highs, respectively. Should you buy either of these beaten-down stocks as interest rates decline and the macro environment warms up again? Roku generates most of its revenue and all ...

However, Roku's adjusted EBITDA excludes stock-based compensation, which added up to $100.1 million last quarter, or enough to wipe out the company's adjusted EBITDA profit entirely. That expense is the main reason Roku is still reporting an operating loss every quarter.

Roku shares dipped sharply after posting Q3 results, owing to a less-than-optimistic adjusted EBITDA outlook for Q4. Read why I remain bullish on ROKU stock.

Roku (NASDAQ: ROKU) is a peculiar company. It is a streaming TV platform, a sector littered by big technology companies with close to unlimited budgets. And yet, Roku is the market share leader in the United States and increasingly growing in international markets such as Mexico.