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Roku beats revenue estimates as lockdowns boost…

Aug 5 – Roku Inc reported a better-than-expected 42% jump in quarterly revenue on Wednesday, as sales of its video-streaming devices soared and more users logged on to its content platform for entertainment while sheltered at home.

Shares of the company rose as much as 5% after the bell.

With audience stuck at home without access to theater, live music, shopping excursions or live or televised sporting events, streaming device makers alongside services like Netflix Inc , Walt Disney’s Disney+ and Amazon.com Inc’s Prime Video have attracted record number of users.

That boost added to the shift to streaming platforms as consumers cut the cord to cable or satellite TV.

Sales of Roku devices, which connects televisions to streaming services, jumped 35% to $111.3 million in the second quarter.

Platform revenue, which includes ad sales, surged 46% to $244.8 million, beating estimates of $239.9 million.

Total net revenue rose to $356.1 million, topping analysts’ estimates of $315.4 million, according to IBES data from Refinitiv. (Reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila)

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