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Mar 31, 2023
Roku Q1 2023 Earnings Report
Solid first quarter results were delivered amidst a challenging macro environment, with growth in both Active Accounts and Streaming Hours year over year.
Key Takeaways
Roku's Q1 2023 results showed a 1% increase in total net revenue to $741 million, with Active Accounts reaching 71.6 million and Streaming Hours growing to 25.1 billion. The company is focused on managing investments and costs to achieve positive Adjusted EBITDA for the full year 2024.
Total net revenue was $741 million, up 1% year over year.
Platform revenue was $635 million, down 1% year over year.
Gross profit was $338 million, down 7% year over year.
Active Accounts reached 71.6 million, a net increase of 1.6 million from Q4 2022.
Revenue by Segment
Forward Guidance
For Q2 2023, Roku expects total net revenue of approximately $770 million, total gross profit of roughly $335 million, and Adjusted EBITDA of negative $75 million. The company is committed to delivering positive Adjusted EBITDA for the full year 2024.
Positive Outlook
- Focus investments on high-priority projects
- Slowing YoY operating expense growth
- Reaccelerate revenue growth
- Improve operational efficiencies
- Committed to delivering positive Adjusted EBITDA for full year 2024
Challenges Ahead
- Macro uncertainties to persist throughout 2023
- Consumers remain pressured by inflation and recessionary fears
- Discretionary spend is likely to remain muted
- Advertising market in Q2 to look much the same as it did in Q1
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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