Roku reported first quarter net revenue of $1.25 billion, up 22 percent year-over-year and above its guidance of $1.2 billion, and net income of $85.7 million, above its guidance of $50 million.
These totals also came in above with analyst expectations of $1.2 billion in revenue and above the expected earnings of $0.34 earnings per share.
Platform revenue grew 28 percent year-over-year to reach $1.13 billion. Advertising was the primary contributor to that, reaching $613 million, up 27 percent year over year, with subscription revenue reaching $519 million, up 30 percent year over year. The first quarter was the company’s highest quarter yet for premium subscription sign-ups.
“We believe this outperformance reflects the growing recognition among advertisers that Roku’s unique combination of scale, first-party data, and innovative ad technology delivers measurable outcomes that help businesses grow,” the shareholder letter reads.
Streaming hours hit 38.7 billion, up
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