[ad_1]
Roku Inc (NASDAQ: ROKU) jumped nearly 7.0% in extended hours after reporting market-beating results for its fiscal first quarter.
Roku shares up on upbeat guidance
Shareholders are happy also because the company issued upbeat guidance. Roku is now calling for $770 million in revenue on $75 million of adjusted EBITDA loss in its current financial quarter.
In comparison, analysts were at $766 million and $85 million, respectively. But its letter to shareholders acknowledged:
Consumers remain pressured by inflation and recessionary fears, and thus discretionary spend is likely to remain muted. Accordingly, we expect advertising market in Q2 to look much the same as it did in Q1.
The streaming and media company continues to target positive adjusted EBITDA in 2024. Year-to-date, Roku shares are now up nearly 50%.
Roku Q1 financial highlights
- Lost $193.6 million versus the year-ago $26.3 million
- Per-share loss also climbed from 19 cents to $1.38
- Revenue ticked up 1.0% year-on-year to $741 million
- Consensus was $1.47 a share loss on $708 million revenue
- Streaming hours went up to 25.1 billion – better than expected
Other notable figures
Roku added 1.6 million active accounts to end the quarter with 71.6 million in total. Analysts had expected 71.1 million instead.
Other notable figures in the earnings press release that helped lift this tech stock in extended trading include $635 million in platform revenue and $106 million in devices revenue – both ahead of Street estimates.
Smart-TV unit sales in U.S. were resilient, driven in part by lower TV panel and freight costs and consumer spend of income tax refunds. Roku benefited from these trends along with a consumer focus on value.
Wall Street currently has a consensus “hold” rating on Roku shares.
Ad
Copy expert traders easily with eToro. Invest in stocks like Tesla & Apple. Instantly trade ETFs like FTSE 100 & S&P 500. Sign-up in minutes.
10/10
81% of retail CFD accounts lose money
[ad_2]
