April 14, 2024

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Roku’s CFO Talks About His Firm’s Strong Hardware and Video Ad Growth

7 min read

Both Roku’s  (ROKU) – Get Report hardware sales growth and video ad sales growth inflected higher in Q3.

On Thursday afternoon, Roku reported Q3 revenue of $451.7 million (up 73{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} annually) and GAAP EPS of $0.09. Revenue blew away a $369 million FactSet consensus, with annual growth accelerating sharply from Q2’s 42{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3}. EPS was well above a consensus of negative $0.42.

Platform revenue, which covers non-hardware revenue streams such as advertising, smart TV software licenses and Roku’s cuts on subscription sign-ups and content transactions made on its platform, rose 78{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} to $319.2 million, beating a $270 million consensus. Player (hardware) revenue rose 62{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} to $132.4 million, well above a $99 million consensus, with unit sales rising 57{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3}.

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