Summary by Futu AI
Roku Inc. reported its financial results for the first quarter ended March 31, 2024, on April 25, 2024. The company announced a 19% year-over-year increase in total net revenue, reaching $882 million, with platform revenue also up by 19% to $755 million. Gross profit rose by 15% to $388 million. The number of Streaming Households grew by 14% year-over-year to 81.6 million, while Streaming Hours increased by 23% to 30.8 billion. Average Revenue Per User (ARPU) remained flat year-over-year at $40.65. The company achieved positive Adjusted EBITDA and Free Cash Flow for the third consecutive quarter, highlighting its focus on operational efficiencies. Roku remains the top-selling TV OS in the U.S. and Mexico and continues to expand its retail distribution. The Roku Channel also saw significant growth, becoming the third most popular app on the platform in terms of reach and engagement. The company's outlook for Q2 2024 estimates total net revenue of $935 million, total gross profit of $410 million, and Adjusted EBITDA of $30 million.
