Why Cathie Wood Is Still Buying Roku After Q2 Earnings Miss

$Roku Inc (ROKU.US)$ shares were down 23% on Friday after a second quarter earnings report that saw revenue and earnings per share both miss Street estimates. The company also withdrew full-year revenue guidance due to a weakness in advertising budgets.
Here is a look at how Roku stacks up in three Ark Invest ETFs:
$ARK Innovation ETF (ARKK.US)$ : third-largest stock position, $745.1 million, 7.79% of assets
$ARK Next Generation Internet ETF (ARKW.US)$ : second-largest stock position, $124.0 million, 8.38% of assets
$ARK Fintech Innovation ETF (ARKF.US)$ : 26th largest stock position, $9.0 million, 0.95% of assets
Together, the three ETFs hold nearly $1 billion in Roku shares.
“We believe Roku’s long-term growth story remains intact, particularly because consumers continue to adopt CTV and abandon linear TV,” Wood said.
Ark Invest has a price target of $605 by 2026 for Roku shares.