Roku added two million streaming households in the second quarter, reaching 83.6 million, and continued recent strength in several key financial areas.
Platform revenue, a broad category including advertising climbed 11% from the year-ago period to hit $824.3 million, pacing total revenue to $968.2 million, well ahead of Wall Street estimates for $937.89 million.
Net losses in the quarter came in at 24 cents, far less than the Street expectation for 43 cents and well below the 76 cents posted in the year-ago period.
Roku users around the world streamed 30.1 billion hours in the quarter, up 20% over the 2023 frame.
The company said it had its fourth straight quarter of positive adjusted EBITDA and free cash flow, which its quarterly letter to shareholders attributed to “top-line growth and ongoing operational efficiencies.”
Shares in Roku, which have fallen almost 50% in 2024 to date, jumped almost 7% on the earnings report during after-hours trading.
In the shareholder letter, the company touted its gains in sports, including a recent deal with Major League Baseball for live streaming of games. The Roku Sports Experience, a hub on the platform aimed at spotlighting sports offerings, had more than triple the streaming hours in the second quarter than it did in the same quarter of 2023. Roku also noted its creation of “zones” dedicated to MLB, the NFL and the NBA. “The zones elevate clips, scores, and related content that makes watching sports better on the Roku platform,” the letter said.
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