Roku shares jumped in late Wednesday trading, after the streaming-media company reported higher-than-expected revenue and a larger-than-forecast net increase in active accounts.
Its active accounts of 75.8 million were up 2.3 million from the second quarter. Analysts were expecting 75.3 million. The company said in a shareholder letter it had a “solid rebound” in video ads in the third quarter and expects the growth rate of video ads in the fourth quarter from the same time last year to be similar. “However, we remain cautious amid an uncertain macro environment and an uneven ad market recovery,” Roku said.
Roku told shareholders: “We remain committed to achieving positive EBITDA for full year 2024 with continued improvements after that.” The San Jose, Calif.-based company employed about 3,600 people at the end of 2022, and announced plans to lay off 200 workers in March. It previously cut about 200 employees in November 2022. headtopics.com
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