Roku (NASDAQ: ROKU) minted a lot of millionaires in its first four years as a public company. The streaming device and software maker went public at $14 on Sept. 28, 2017, and it soared 3,325% to its all-time high of $479.50 on July 26, 2021. A $30,000 investment in its IPO would have blossomed to $1.03 million.

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 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.

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.

Why did Roku's stock crash despite strong earnings? Flimsy reasons behind the price drop could amount to a buying opportunity.