Roku Revenue Up 20% as Streaming Hours Surpass 100 Billion; Shares Surged 17.6%

marketwatch2023-11-02

Roku saw its revenue climb as account adds accelerated and streaming hours surpassed 100 billion for the first time.

Roku shares surged 17.6% after posting financial results.

The streaming-service provider posted a loss of $330.07 million, or a loss of $2.33 a share a share, for the quarter ended Sept. 30, compared with a loss of $122.18 million, or 88 cents a share, a year earlier. Analysts polled by FactSet expected a loss of $2.04 a share.

Net sales rose to $912.02 million from $761.37 million. Analysts polled by FactSet had expected $857 million.

The company said active accounts totaled 75.8 million, up 16% year over year. Average revenue per user, a key metric, was down 7% year over year to $41.03.

"We had a solid rebound in video ads in Q3 and we expect the YoY growth rate of video ads in Q4 to be similar," the company said. "However, we remain cautious amid an uncertain macro environment and an uneven ad market recovery. Additionally, we will face difficult YoY growth rate comparisons in content distribution and M&E which will challenge the YoY growth rate of platform revenue in Q4."

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