Roku Exceeds Q1 Revenue Expectations Despite Only 1.1 Million New Subscribers
thewrap.comRoku exceeded Wall Street expectations for revenue, but showed slower sequential growth in new active accounts, according to its first-quarter earnings report Thursday.The company posted overall revenue of $734 million for Q1, up 28% year over year, which beat Wall Street expectations that had its growth at around $730 million.
Investors seem thrilled by the report as shares surged during after-hours trading right after the quarterly results were released, rising 4.2% above the regular session close of $91.63.That investor excitement apparently wasn’t dampened by slower sequential growth in active accounts.
The addition of 1.1 million active accounts in Q1 brings the company to a total 61.3 million. Slower active account growth in recent quarters had led analysts to give lower expectations for the company this quarter.“We have delivered solid performance in a challenging operating environment and expect that we will continue to navigate through macro headwinds, including inflationary pressures, geopolitical conflict, and supply chain disruptions,” Roku’s Anthony Wood, founder and CEO, and Steve Louden, CFO, said in a letter to shareholders.More to come….
Read more on thewrap.com