Roku Inc. (NASDAQ: ROKU) released second quarter financial results after markets closed Wednesday. The company said that it had breakeven earnings and $156.8 million in revenue, compared with consensus estimates that called for a net loss of $0.15 per share and $141.48 million in revenue. The same period from last year had a net loss of $0.16 per share and $99.63 million in revenue.

During the quarter, total net revenues increased by 57% year over year. Of this total, Platform revenue contributed $90.34 million, an increase of 96% from last year, and Player revenue increased 24% to $66.47 million.

Active accounts were up 46% to 22 million at quarter end, with streaming hours up 57% to 5.5 billion hours. Separately, Average Revenue Per User (ARPU) was up 48% to $16.60 on a trailing 12-month basis.

Looking ahead, the company is increasing its revenue and profitability outlook for the full year 2018 to reflect more rapid growth and a modest EBITDA profit. For the third quarter, Roku is looking for a net loss of $13 million to $18 million on total net revenues of $164 million to $174 million. Consensus estimates are calling for a net loss of $0.12 per share on $165.04 million in revenue.

For the full year, the company expects to achieve a net loss of $10 million to $22 million and revenue in the range of $710 million to $730 million. The consensus estimates are calling for a net loss of $0.28 per share and $697.93 million in revenue.

Shares of Roku closed Wednesday at $47.25, with a consensus analyst price target of $46.70 and a 52-week range of $15.75 to $58.80. Following the announcement, the stock was up less than 1% at $47.79 in the after-hours session.

Get Our Free Investment Newsletter

I have read, and agree to the Terms of Use

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.