As we now know from SEC filings, publicly traded companies including Roku, Roblox, Quotient, and others are being impacted by the consequences from the failure of Silicon Valley Bank. As of March 10, 2023, Roku reported in a filing that it has $487 million in cash and cash equivalents at SVB, or about 26% of its total cash and cash equivalents. Variety was the first to reveal this information. It stated other big financial institutions share its $1.4 billion residual balance.
Roku just reported fourth-quarter profits that outperformed Wall Street estimates, with revenue of $867.1 million vs $801.69 million and a loss per share of $1.70 as opposed to the $1.72 forecasted. The company's Q1 2023 guidance was still conservative, however, because to the macroeconomic climate at the time. Since then, shares have decreased by more than 3% in after-hours trading. Roku revealed a collaboration with Best Buy and its advertising division yesterday.
As of February 28, 2023, SVB was home to almost 5% of the $3 billion cash and securities balance that the gaming platform Roblox reported in a filing.
Roblox told investors that the situation will not affect the company's ongoing operations, regardless of the final result and the timing. In a recent upgrading of the company's shares from a hold to a buy, Jefferies analyst Andrew Uerkwitz cited the platform's capacity to expand despite short-term economic worries.
The updates provide additional evidence of the insolvent bank's deep ties to the broader tech sector and the potential effects that liquidation would have on well-known companies.
Together with Roku and Robox, omnichannel digital marketing company Quotient, the owner of Coupons.com, also declared a less significant impact, indicating that it had $400,000 in Silicon Valley Bank UK Limited, a UK-based affiliate of SVB.
Rocket Lab USA, a space corporation, reported having $38 million in cash with SVB as of December 31, 2022, or 7.9% of its total cash.
According to an SEC filing, Vimeo maintains accounts with SVB with a combined balance of under $250,000, making it FDIC-insured. The company is of the opinion that it is not exposed to any liquidity issues at SVB. No bank has more than 25% of the company's total cash, according to Vimeo's report, which underlined that the company has a well-structured and varied group of banking partners.
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