Roku, the TV streaming specialist, has reported total Q2 net revenue of $1.11 billion (€0.96bn), up 15 per cent year over year (YoY). Platform revenue was at $975 million, up 18 per cent YoY – attributed in part to a strong performance in video advertising and the successful acquisition of Frndly. Gross profit stood at $498 million, up 17 per cent YoY.Total streaming hours amounted to 35.4 billion, up 5.2 billion hours YoY, whilst The Roku Channel was was the #2 app on the Roku platform in the US by engagement and the #3 app globally by reach. It also maintained its high position on Nielsen’s The Gauge ranking for June, representing 5.4 per cent of all TV streaming time in the US.Devices revenue was $136 million, down 6 per cent YoY. Roku, however, maintained its leadership as the #1 selling TV OS in the USs, Canada and Mexico.For Q3, Roku estimates total net revenue of approximately $1.2 billion, representing 13 per cent YoY growth. Within that, Platform revenue is expected to grow 16 per cent YoY with a gross margin of approximately 51 per cent. Devices revenue is projected to decline about 3 per cent YoY with a gross margin in negative mid-teens. These trends are expected to result in total gross profit of approximately $520 million and Adjusted EBITDA of roughly $110 million for the quarter. For the full year, Roku is raising ita outlook for Platform revenue to $4.075 billion and Adjusted EBITDA to $375 million.“We remain confident in our strategy. Our investments and execution are delivering results by continuing to grow broadband household penetration, ad demand, and subscriptions. Our monetisation initiatives position Roku to sustain double digit Platform revenue growth while increasing profitability,” said Anthony Wood, Founder and CEO, and Dan Jedda, CFO and COO in a letter to shareholders.
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