Earnings Results: Roku’s stock races higher after earnings as revenue blows past estimates

by | Jul 27, 2023 | Stock Market

Roku Inc. shares surged 8.6% in Thursday’s aftermarket action after the streaming-media company easily topped expectations with its latest results while offering upside with its forecast. The company logged a net loss of $108 million, or 76 cents a share, compared with a loss of $112 million, or 82 cents a share, in the year-earlier period. Analysts tracked by FactSet were expecting a loss of $1.26 a share.

also posted a loss of $18 million on the basis of adjusted earnings before interest, taxes, depreciation and amortization (Ebitda), whereas the FactSet consensus on the metric was for a $75 million loss. Revenue rose to $847 million from $764 million, while analysts were modeling $775 million. The company logged $743 million in platform revenue, which includes advertising and licensing. The FactSet consensus called for $670 million in revenue within that service. Revenue in the devices business grew 9% to $103 million, while analysts had been modeling $105 million. Roku expects $815 million in total net revenue for the third quarter, along with a $50 million loss on the basis of adjusted Ebitda. Analysts were forecasting $809 million in revenue and a $57 million loss on the adjusted Ebitda metric. “While consumer spend is showing some modest growth, macro concern …

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