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Roku stock gains after earnings, outlook top expectations

Shares of Roku Inc. were up 5% in after-hours trading Thursday after the streaming company delivered better-than-expected results for its first quarter and issued an upbeat outlook for the current period.

Roku
ROKU,
-6.57%

posted net income of $76.3 million, or 54 cents a share, whereas a year earlier it recorded a loss of $54.7 million, or 45 cents a share.

The company’s revenue rose to $574.2 million from $320.8 million. Roku saw platform revenue of $466.5 million and player revenue of $107.7 million.

Analysts polled by FactSet expected Roku to report a GAAP loss of 13 cents a share on sales of $492 million.

“Advertisers continued to follow audiences and move budgets into TV streaming, with Roku’s monetized video ad impressions more than doubling year-over-year,” the company said in its shareholder letter.

Roku added 2.4 million incremental active accounts in the first quarter, bringing its total to 53.6 million. The number of hours spent streaming on the company’s platform reached 18.3 billion in the first quarter, up from 17.0 billion in the fourth quarter.

For the second quarter, Roku expects revenue of $610 million to $620 million. Analysts tracked by FactSet were projecting $550 million.

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