Roku (NASDAQ:ROKU) reported solid earnings for Q1 2024, showing significant growth across several key metrics.
Total net revenue reached $882 million, marking a 19% increase year-over-year (YoY). Analysts were looking for $848.6 million. This growth was echoed in the platform revenue, which also rose by 19% to $755 million.
Roku reported a loss per share of 35 cents, crushing the expected loss of 61 cents. Streaming households rose to 81.6 million, a 14% increase y/y, slightly above the forecasted 81.36 million.
Streaming hours saw a substantial rise of 23% y/y to 30.8 billion, again beating expectations of 30.17 billion. The Average Revenue Per User (ARPU) remained nearly flat at $40.65, compared to $40.67 y/y, but outperformed the anticipated $40.11.
For the second quarter, Roku anticipates net revenue of $935 million, slightly above the forecast of $931.4 million, and expects adjusted EBITDA of $30 million, compared to estimates of $25 million.
“We are pleased with our Q1 results, particularly the third consecutive quarter of positive Adjusted EBITDA and Free Cash Flow. We believe this demonstrates our operating discipline and leverage. Looking ahead, we face difficult year-over-year growth rate comparisons within streaming service distribution activities,” the company said in a note.
By Senad Karaahmetovic