Roku FY revenue flat in “difficult environment”
February 16, 2023
Roku, the streaming specialist, has released its Q4 and fiscal year 2022 results. Total net revenue grew 13 per cent year over year to $3.1 billion (€2.8bn). Platform revenue increased 20 per cent to $2.7 billion. Gross profit was up 2 per cent to $1.4 billion.
Active accounts reached 70 million, a net increase of 9.9 million active accounts from 2021. Streaming Hours increased by 14.3 billion hours YoY to 87.4 billion. Average Revenue Per User (ARPU) grew to $41.68 (trailing 12-month basis), up 2 per cent YoY.
In Q4, The Roku Channel reached US households with an estimated 100 million people.
In a letter to shareholders, Anthony Wood, Roku Founder and CEO; and Steve Louden, Roku CFO said: “Despite a difficult macro environment in 2022, we made excellent progress building on our platform, brand, and industry leadership with the addition of nearly 10 million net new active accounts – ending the year with 70 million active accounts globally. We also drove strong Streaming Hour growth and delivered 20 per cent YoY Platform revenue growth for the full year. Importantly, we plan to continue to improve our operating expense profile to better manage through the challenging macro environment, while building on our platform’s monetisation and engagement tools and partnerships. Through a combination of operating expense control and revenue growth, we are committed to a path that delivers positive adjusted EBITDA for full year 2024. Our platform and industry leadership positions us well for reaccelerated revenue growth as the ad market recovers and the shift to TV streaming continues.”
Roku concluded that its Q1 outlook reflects normal seasonality with total net revenue of roughly $700 million, total gross profit of roughly $310 million, and adjusted EBITDA of negative $110 million. The company added that it is committed to a path that delivers positive adjusted EBITDA for full year 2024.