Roku just released 21Q2 results. The result was pretty solid IMO, however, the share price dropped 9% so far AH. Gross margin has been maintained at 52.4%, which was much higher than last year but a little bit lower than Q1. The Q3 guidance is pretty positive as well. If Roku can beat the guidance by $25 million which is same as this quarter, it would be 57% YoY growth. I currently have 10% position in Roku and I plan to add a little bit more on this dip.
Highlights
- Total net revenue grew 81% year-over-year (YoY) to $645 million
- Platform revenue increased 117% YoY to $532 million
- Gross profit was up 130% YoY to $338 million
- Active Accounts reached 55.1 million, an increase of 1.5 million active accounts from Q1 2021
- Streaming hours were 17.4 billion hours, a decrease of 1.0 billion hours from Q1 2021
- Average Revenue Per User (ARPU) grew to $36.46 (trailing 12-month basis), up 46% YoY
Outlook for Q3 2021 ($ in millions):
- Total net revenue $675 - $685 (or 51% mid point)
- Total gross profit $315 - $325
- Net income (loss) ($3) - $7
- Adjusted EBITDA $60 - $70
Shareholder letter here: https://image.roku.com/c3VwcG9ydC1B/2Q21-Roku-Shareholder-Le…
Luffy