Today Roku annoucned its 1st quarter 2024 earnings with some good news as the company stills struggles with a weak admarket. Revenue was up to $882 a 19% jump year over year. This comes as Roku added 1.6 million new active accounts now with over 81 million active accounts at the end of March 2024.
“We delivered solid results in Q1, growing Streaming Households (previously “Active Accounts”)1 14% YoY, Streaming Hours 23% YoY, and Platform Revenue 19% YoY. Roku remains the #1 selling TV OS in the U.S. and Mexico, and we continue to expand our retail distribution. The Roku Channel’s ongoing growth made it the #3 app on our platform by both reach and engagement. This strong performance demonstrates the impact of surfacing relevant content throughout our platform. We also achieved positive Adjusted EBITDA and Free Cash Flow for the third consecutive quarter, demonstrating our ongoing focus on operational efficiencies.” Roku said in a letter to shareholders today.
On average, Roku makes $40.65 per Roku account per year from ads and subscriptions. That is flat form the same period in 2023 as weak ad sales continue to impact the company.
In total Roku lost $50 million in the 1st quarter of 2024 but that is a noticeable improvement from the 193.604 million it lost in the same period of 2023. This comes as Roku saw revenue go up and costs go down from over 550 million in expenses in the 1st quarter of 2023 to just over $460 million in the 1st quarter of 2024.
Roku, like millions of companies, is struggling with weak ad sales, driving down revenue.
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