Roku reports Q1 EPS ($1.38), consensus ($1.37)

Reports Q1 revenue $741.0M, consensus $708.5M. In Q1: Platform revenue was $635 million, down 1% YoY. Gross profit was $338 million, down 7% YoY. Active Accounts were 71.6 million, a net increase of 1.6 million Active Accounts from Q4 2022. Streaming Hours were 25.1 billion, up 4.2 billion hours YoY. Average Revenue Per User (ARPU) was $40.67 (trailing 12-month basis), down 5% YoY. The Roku operating system was the #1 selling smart TV OS in the U.S. with 43% TV unit share. The company states: "Overall, smart TV unit sales in the U.S. were resilient in Q1, driven in part by lower TV panel and freight costs and consumer spend of income tax refunds. Roku benefited from these trends along with a consumer focus on value, particularly in a difficult macro environment. In Q1, the Roku operating system (OS) was once again the #1 selling smart TV OS in the U.S., achieving a record-high 43% of TV unit share, which was more than the next three largest TV operating systems combined (according to Circana). We achieved YoY share gains across the full range of TV screen sizes, particularly in the larger-screen segment."