Roku shares jumped 7% in after-hours trading on Thursday after the streamer and hardware marker beat Wall Street expectations for the first quarter of 2024.
Here are the top-line results:
- Net loss: $50.8 million, compared to 193.6 million in the year-ago period.
- Earnings per share: a loss of 35 cents per share compared to an estimated loss of 64 cents per share by analysts surveyed by Zacks Investment Research.
- Revenue: $882 million, up 19% year over year, compared to an estimated $850.97 million by analysts surveyed by Zacks Investment Research.
- Streaming Households: 81.6 million, an increase of 14% year over year, with 1.6 million added during the first quarter
Platform revenue for the quarter, which is largely based on advertising sales and a subscription revenues split with partners, grew 19% year over year to $755 million. Meanwhile, devices revenue increased 19% year over year to $126.5 million.
Viewers streamed 30.8 billion hours during the quarter, an increase of 5.7 billion from the year ago period. Streaming hours per household came in at 4.2 hours during the quarter, compared to 3.9 hours a year ago.
More to come…
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