Roku (NASDAQ: ROKU) and Shopify (NYSE: SHOP) both experienced major growth spurts during the pandemic in 2020 and 2021. More people stayed at home and streamed videos through Roku's devices, while more shoppers made online purchases through Shopify-powered stores.

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.

There's no doubt that shareholders didn't like what Roku (NASDAQ: ROKU) had to say in Wednesday's third-quarter report. Although the streaming technology company topped its revenue and earnings estimates,

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.