Roku's Quarterly Revenue Beats Estimates on Ad Strength

Reuters08-02

Roku beat Wall Street estimates for second-quarter revenue on Thursday, benefiting from strong ad sales and the ongoing shift from cable TV to streaming platforms.

Shares of the firm rose 4 per cent in trading after the bell.

The company, which makes streaming devices and owns a complimentary, ad-supported channel, has experienced a surge in viewership as industry titans such as Netflix raise subscription fees while high interest rates squeeze consumer wallets.

The ongoing migration from traditional cable packages to subscription-based streaming services has also helped the company, alongside the burgeoning popularity of third-party streaming channels such as Peacock, Disney+, and HBO Max, all accessible through Roku's platform.

Its platform revenue, the biggest contributor to income, grew about 11 per cent to $824.3 million in the quarter ended June 30.

That helped the company post a 14 per cent rise in net revenue to $968.2 million, beating analysts' average estimate of $937.9 million, according to LSEG data.

It expects revenue of $1.01 billion for the third quarter, in line with expectations.

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