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Jun 30, 2021
Roku Q2 2021 Earnings Report
Roku delivered strong results driven by platform monetization.
Key Takeaways
Roku reported a strong second quarter with record revenue growth, driven by exceptional performance in platform monetization. Total net revenue grew 81% year-over-year to $645 million, with platform revenue increasing 117% year-over-year to $532 million. Active accounts reached 55.1 million, and streaming hours were 17.4 billion. Average Revenue Per User (ARPU) grew to $36.46, up 46% year-over-year.
Total net revenue grew 81% year-over-year to $645 million.
Platform revenue increased 117% year-over-year to $532 million.
Gross profit was up 130% year-over-year to $338 million.
Active Accounts reached 55.1 million.
Revenue by Segment
Forward Guidance
Roku's Q3 outlook includes total net revenue of $680 million at the midpoint (up 51% year-over-year) and total gross profit of $320 million at the midpoint (up 49% year-over-year). Adjusted EBITDA is expected to be $65 million at the midpoint.
Positive Outlook
- Total net revenue of $680 million at the midpoint (up 51% year-over-year)
- Total gross profit of $320 million at the midpoint (up 49% year-over-year)
- Monetization remains strong within the Platform segment.
- Continued significant growth expected in the second half of the year within the Platform segment.
- Roku remains very well positioned to benefit from the long-term secular trend of audiences.
Challenges Ahead
- Global supply chain constraints and component cost increases to worsen in the second half of 2021, leading to increasing negative player gross margin.
- Industry supply chain constraints and cost increases for streaming players and TV OEM partners will continue into 2022.
- Varying rates of recovery from the pandemic around the world continue to present an uncertain operating environment.
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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