Roku reported its first-quarter 2024 earnings Thursday, revealing the corporate reached 81.6 million energetic accounts, a rise of 1.6 million from the earlier quarter, and streaming hours rose to 30.8 billion, up from 29.1 million in This fall 2023.
Wall Street forecast a loss per share of 61 cents on $848.62 million in income, in keeping with analyst consensus information supplied by LSEG, previously Refinitiv. Roku reported adjusted loss per share of 35 cents on $882 million in income. The firm’s complete internet loss for the quarter was 50.9 million.
“We are pleased with our Q1 results, particularly the third consecutive quarter of positive Adjusted EBITDA and Free Cash Flow,” Roku CEO Anthony Wood and CFO Dan Jedda mentioned in a letter to shareholders. “We believe this demonstrates our operating discipline and leverage. Looking ahead, we face difficult year-over-year growth rate comparisons within streaming service distribution activities. This headwind is due to past price increases and a higher mix shift toward ad-supported offerings. In Q2, we estimate Total net revenue of $935 million, Total gross profit of $410 million, and Adjusted EBITDA of $30 million. Looking into the second half of the year, we anticipate normal seasonal spend in Sales & Marketing for Devices, which will cause Adjusted EBITDA to slightly moderate relative to the first half of the year.”
Roku inventory closed Thursday at $62.81 per share. The common U.S. inventory markets will reopen at 9:30 a.m. ET.
Wood and different Roku executives will host a convention name at 5 p.m. ET to debate the quarter in larger element.
More to come back…