When Roku Inc. (NASDAQ: ROKU) released second-quarter financial results after markets closed Thursday, the company said that it had a net loss of $0.35 per share and $356 million in revenue. That compared with consensus estimates calling for a net loss of $0.50 per share and $315.43 million in revenue, and a net loss of $0.08 per share and revenue of $250.1 million posted in the same period of last year.
During the latest quarter, active accounts increased by 3.2 million sequentially to 43.0 million, while streaming hours increased by 2.3 billion to 14.6 billion. Average revenue per user came to $24.92 on a trailing 12-month basis, up 18% year over year.
Platform revenues increased 46% year over year to $244.8 million, and Player revenues increased by about 35% to $11.3 million.
The company did not issue guidance for the third quarter, like many other companies, citing the uncertainty surrounding the coronavirus pandemic. Consensus estimates for the current quarter call for a net loss of $0.49 per share and $341.76 million in revenue.
Since the last earnings report, Roku raised about $350 million in incremental equity capital to provide more flexibility. The firm ended the second quarter with $887 million in cash, cash equivalents, restricted cash, and short-term investments. Roku also has roughly $70 million of available liquidity under its credit facility.
Shares of Roku closed Wednesday at $165.42, in a 52-week range of $58.22 to $176.55. The consensus price target is $141.61. Following the announcement, the stock was up 3% at $171.20 in the after-hours session.
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