Roku reports an increase of 1.3 million active accounts from the last quarter, ending Q3 with 56.4 million users. And while the company’s net revenue grew 51% year-over-year to $680 million, that still falls short of where investors had projected it to be.
Roku blames the supply chain shortage for the slow growth, citing that U.S. TV sales fell significantly in Q3. Roku’s Q3 increase of 1.3 million active accounts is down from Q2’s 1.5 million, showing the slowing trend thanks to less device and TV consumerism.
However, top Roku executives believe the overall increase in streaming adoption will be enough to ensure Roku’s bright future ahead. That along with its recent push for new Originals and acquired content.
“While the pandemic has had different impacts on different parts of our business, the secular shift to streaming remains intact,” CEO Anthony Wood and CFO Steve Louden wrote in the shareholder letter.