Summary by Moomoo AI
On October 30, 2024, Roku Inc. reported its financial results for the third quarter ending September 30, 2024. The company achieved a milestone with over $1 billion in total net revenue, marking a 16% increase year over year. Platform revenue rose by 15% to $908 million, while gross profit surged by 30% to $480 million, excluding restructuring charges from the previous year. The quarter also saw a net increase of 2 million streaming households, totaling 85.5 million, and a significant 80% year-over-year growth in streaming hours on The Roku Channel. Despite these gains, Average Revenue Per User (ARPU) remained flat year over year at $41.10. Roku highlighted its fifth consecutive quarter of positive Adjusted EBITDA and Free Cash Flow on a trailing twelve-month basis. The company's outlook for Q4 2024 estimates total net revenue of $1.140 billion and an Adjusted EBITDA of $30 million. Roku's strategic focus remains on growing Platform revenue through initiatives such as enhancing their Home Screen for monetization, integrating third-party advertising platforms, and increasing Roku-billed subscriptions.
