Shares of media-streaming technology veteran Roku (ROKU 1.36%) have taken an 85% haircut in 2022. At the same time, the business is booming in many ways.

Trailing sales are up 31%, as measured at the end of each year's second quarter. The company boosted its sales and marketing budget by an even steeper 73% over the same period. The generous marketing spending suggests that management sees this year as an excellent time to invest in future growth.

So Roku's stock price is plunging in a period of skyrocketing sales, with signs pointing to continued high-octane growth. As it turns out, there are arguably solid reasons for the drooping stock chart. But I still think Roku is a fantastic buy at these bargain-bin share prices.

Roku's current challenges

Roku's soaring top line has not translated into massive earnings recently. In fact, the trailing-earnings line peaked in the third quarter of last year, adding up to $2.03 per diluted share. The bottom-line trend has not been inspiring after that point:

ROKU Normalized Diluted EPS (TTM) Chart

ROKU normalized diluted EPS (TTM). Data by YCharts. EPS = earnings per share; TTM = trai;ing 12 months.

The inflation concerns that are weighing on the entire market affected Roku as well, but the shaky economy also has some direct effects on this company's business.

Sales of Roku-powered smart TVs are in the dumps, partly because consumers have more important things to spend their hard-earned cash on. Furthermore, TV manufacturers are struggling to find the parts they need amid the ongoing shortage of semiconductors.

But wait -- there's more. On the other side of Roku's business, advertisers have reduced their spending on digital ad spaces.

So Roku's profits are swooning due to pressure from several macroeconomic factors. George Clooney would call it a perfect storm of business challenges.

Signs of future success

So the price drop makes sense. Investors have solid reasons to stay away from Roku's softer bottom-line readings.

But only if they focus on short-term results.

Roku remains one of the most exciting growth stocks on the market. I have doubled down on my Roku holdings in recent months, fully expecting a return to former highs over the next couple of years, and far more in the long run.

You see, even the disappointing sales of the recently reported second quarter showed a 26% year-over-year increase in software and service revenue. I already mentioned the dramatic increase in sales and marketing expenses, and it's important to pair this move with that 73% boost to Roku's research and development costs.

And I'm particularly encouraged by its soaring user trends. The company added 1.8 million active users in the second quarter and 8 million names over the last year. The average revenue per user (ARPU) is up by 21% year over year.

This is a healthy business in an explosive market with tremendous long-term prospects. Roku is monetizing its services more effectively than ever, despite the difficult advertising market. 

It's time to buy Roku stock now

Roku's stock is down for good reasons, but only to short-term traders and inventors who must focus on stability over the next few quarters. However, for long-term investors, Roku is one of the best ways to play the long-term transition to streaming-media services, and the stock is found in Wall Street's bargain bin right now.

I'm a Roku buyer these days, and you should consider adding this spring-loaded rebound opportunity to your own portfolio -- while the discount lasts.