Roku Inc has reported its financial results for the quarter ended June 30, 2024. The company saw a net loss of $33.9 million for the quarter, a significant improvement from the $107.6 million loss in the same period the previous year. The net loss per share for the quarter was $0.24, compared to $0.76 in the prior year. Total net revenue increased by 14% year-over-year to $968.2 million, with platform revenue contributing $824.3 million, up 11% from the previous year. Devices revenue also saw a substantial increase of 39%, amounting to $143.8 million. The company's cost of revenue for the platform segment rose by 10% to $384.5 million, while the devices segment saw a 32% increase to $159 million. Roku's income tax benefit for the quarter was $9.2 million, a positive shift from...Show More

Roku Inc has reported its financial results for the quarter ended June 30, 2024. The company saw a net loss of $33.9 million for the quarter, a significant improvement from the $107.6 million loss in the same period the previous year. The net loss per share for the quarter was $0.24, compared to $0.76 in the prior year. Total net revenue increased by 14% year-over-year to $968.2 million, with platform revenue contributing $824.3 million, up 11% from the previous year. Devices revenue also saw a substantial increase of 39%, amounting to $143.8 million. The company's cost of revenue for the platform segment rose by 10% to $384.5 million, while the devices segment saw a 32% increase to $159 million. Roku's income tax benefit for the quarter was $9.2 million, a positive shift from the $1.6 million income tax expense in the same quarter of the previous year. This benefit was primarily due to the release of the valuation allowance on certain foreign deferred tax assets. In terms of business development, Roku has expanded its devices segment with the introduction of Roku-branded TVs in March 2023 and continues to manage the average selling prices of its streaming devices to grow its Streaming Households. The company's future plans include efforts to increase platform revenue and gross profit over time by leveraging the trade-off from devices gross profit or loss to grow Streaming Households. Roku's Free Cash Flow improved significantly, reaching $317.9 million for the trailing twelve months ended June 30, 2024, compared to a negative $169.3 million in the previous year.