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 billion hours during the quarter, an increase of 5.7 billion from the year ago period.
More to come…
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