Roku shares soar 17% on third-quarter revenue beat

Reuters

Roku's revenue increased by 20% in the third-quarter compared to last year, and exceeded Wall Street's expectations.

Active accounts were also up, with 75.8 millions dollars for the quarter.

Shares

Roku

After-hours trading on the stock market soared by 17% after the company announced better-than expected revenue for the third-quarter.

Here is how Roku did for the quarter ending Sept. 30 compared to analyst estimates from LSEG (formerly Refinitiv):

Loss per Share

Expected: $2.12 vs. $2.33

Earnings

: $912 million vs $855.2 million expected

Roku posted a third-quarter net loss of $330.1 millions, or $2.33 a share. This is nearly triple what the company lost in the previous quarter (122.2 million or 88 cents a share).

Roku reported that revenue had increased by 20% over the previous year. This was largely due to "strong performance" in video advertising and content distribution, as well as unit sales of Roku TVs launched in March 2023.

In a letter to shareholders, the following is said

.

Active accounts beat StreetAccount's estimates by 75.8 millions for the third quarter. StreetAccount had estimated 75.33million.

According to LSEG, Roku is expecting revenue in the fourth quarter of $955 million. This is higher than the $952 millions Wall Street expected.

The story is still developing. Please check back often for updates.