Roku says 26% of its cash reserves are stuck in Silicon Valley Bank
Publishing timestamp: 2023-03-10 20:47:09
Summary
Roku has $487 million of cash reserves stuck at Silicon Valley Bank, which was placed into receivership by Federal Deposit Insurance Corp. Shares fell over 4% in extended trading on news, but the company believes it can meet its financial obligations for at least the next 12 months with its remaining cash reserves at other financial institutions. The collapse of SVB has alarmed many Silicon Valley startups and venture capital firms who had deposited large amounts of cash with the bank.
Sentiment: NEGATIVE
Keywords: roku inc, investment strategy, breaking news, television, internet, technology, business news, svb financial group, banks,
Source: https://www.cnbc.com/2023/03/10/roku-says-26percent-cash-reserves-stuck-in-silicon-valley-bank.html