Roku, Inc. (NASDAQ: ROKU) reported its most recent quarterly results after markets closed Wednesday. The firm posted a net loss of $0.08 per share and $250.1 million in revenue, which compares with consensus estimates that called for a net loss of $0.22 per share and $224.2 million in revenue. The second quarter from last year had breakeven earnings and $156.81 million in revenue.
During the quarter, active accounts had a net addition of 1.4 million sequentially to a total of 30.5 million. Streaming hours increased 0.5 billion hours sequentially to 9.4 billion, streaming hours are up 72% year over year.
Average Revenue Per User (ARPU) of $21.06 over the trailing twelve months increased by $2.00 from the first quarter.
Platform revenues increased 86% year over year to $167.7 million and player revenues rose 24% to $82.4 million.
Looking ahead to the third quarter, the company expects to see a net loss in the range of $40 million to $34 million and total revenues are expected to be in the range of $250 million to $255 million. Consensus estimates are calling for a net loss per share of $0.26 and $245.38 million in revenue for the coming quarter.
Anthony Wood, founder and CEO, commented:
Total revenue growth accelerated to 59% year over year, primarily driven by growth in advertising as Roku monetized video ad impressions once again more than doubled year over year. Increases in the estimated value of content distribution agreements, based on improved visibility and performance trends, also resulted in a larger than expected recognition of revenue in the quarter. As a reminder, revenue recognition for our content distribution agreements can be lumpy quarter-to-quarter.
Shares of Roku closed Wednesday at $100.97, with a 52-week range of $26.30 to $113.44. The consensus analyst price target is $85.20. Following the announcement, the stock was up 6% at $107.00 in the after-hours session.