April 28, 2022
Fueled by consumer trends that show more people using streaming devices than legacy pay-TV devices in the U.S., Roku April 28 reported a gain of 1.1 million active user accounts to 61.3 million for the first quarter (ended March 31). That’s up 14% from 53.6 million active accounts in the previous-year period. However, Roku gained 2.4 million active accounts in the prior-year period.
Roku attributed the slowdown in active user growth in part to an end to government stimulus checks issued to consumers during the pandemic.
Total streaming hours increased 14% to 20.9 billion, up 14% from 18.3 billion hours in the previous-year period. Streaming device revenue declined 19% to $86.9 million, from $107.7 million a year earlier.
Overall, the company reported a net loss of $23.5 million on revenue of $733.7 million, which compared with net income of $75.8 on revenue of $574.2 million last year.
Roku’s ad-supported branded “The Roku Channel” remains a top five channel on the Roku platform in the U.S. by reach and engagement.
“We have delivered solid performance in a challenging operating environment and expect that we will continue to navigate through macro headwinds, including inflationary pressures, geopolitical conflict, and supply-chain disruptions,” Roku said in the shareholder letter.