Roku Q2 Revenue Up 11% as Streaming Platform Keeps Lid on Rising Expenses

variety.com:

Todd Spangler NY Digital Editor Roku’s second-quarter 2023 earnings soundly beat Wall Street expectations, while it still sounded a note of caution about “muted” TV ad spending in the U.S.

The company reported Q2 revenue of $847.2 million, up 11%, and a net loss of $107.6 million (-$0.76 per share). Analysts expected an adjusted loss of $1.28 per share on revenue of $773.49 million.

Operating expenses climbed 8%, to $504 million, but declined sequentially from $550 million in Q1. Roku added 1.9 million new active streaming accounts in the period to reach 73.5 million, versus 71.6 million the prior quarter and up 16% year over year.

Platform revenue was $744 million, up 11%. Roku’s Platform segment comprises ads sales; revenue from distribution deals for streaming services including FAST channels; media and entertainment promotions; and Roku Pay. “While Q2 Platform revenue exceeded our expectations, the macro environment continued to create uncertainty with the total U.S.