Roku See Pop In Q2 Ad Sales Despite Weak Market; Stock Rises
deadline.comRoku blew past estimates, albeit with a net loss of $155 million last quarter, but on revenue that jumped 11% to $847 million.
Advertising-driven Platform sales beat forecasts, up 11% at $744 million despite a difficult market. A few ad categories are picking up, but spending in the media and entertainment category, already challenged industry-wide, is expected to be further pressured by limited fall release schedules, the company said in its letter to shareholders, in a nod to the ongoing writers and actors strikes.
Device revenue rose to $103 million from $95 million. The company is now selling its own line of branded smart TVs at Best Buy.
Active accounts stood at 73.5 million, a net increase of 1.9 million from the first quarter. Streaming hours of 25.1 billion, were up 4.4 billion hours year-on-year.
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