Summary by Futu AI
Roku delivered solid Q2 2024 results with total revenue reaching $968 million, up 14% YoY. Platform revenue grew 11% YoY to $824 million, while streaming households increased 14% YoY to 83.6 million. The company achieved its fourth consecutive quarter of positive Adjusted EBITDA at $43.6 million and maintained strong gross margins at 43.9%.The Roku Channel maintained its position as the #3 app on the platform, with streaming hours up nearly 75% YoY. The platform's reach expanded significantly, with the Roku Home Screen reaching U.S. households with over 120 million people daily. Streaming services distribution activities grew faster than overall Platform revenue, driven by price increases for subscription-based apps.Looking ahead, Roku projects Q3 2024 total revenue of $1.01 billion, representing 11% YoY growth, with Platform revenue expected to grow 9% YoY. The company anticipates Q3 gross profit of $440 million and Adjusted EBITDA of $45 million. Management expects Platform revenue growth to accelerate sequentially in Q4 2024, expressing confidence in further acceleration into 2025 and beyond.
