(Reuters) – Roku Inc reported better-than-expected quarterly revenue on Thursday, as the video-streaming device maker benefited from an influx of cord-cutting subscribers dropping their cable packages in favor of streaming services.
The company was also aided by a 55% jump in streaming hours on its platform, as people sheltered home during the holiday season amid fresh pandemic curbs, turning to video-on-demand services like Netflix, Disney+ and The Roku Channel for entertainment.
Its total net revenue rose 58% to $649.9 million in the fourth quarter ended Dec. 31, beating analysts’ estimates of $617.25 million, according to IBES data from Refinitiv.
The company reported net income of $67.31 million, or 49 cents per share, compared with a net loss of $15.72 million, or 13 cents per share, a year earlier.
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Reporting by Eva Mathews in Bengaluru; Editing by Maju Samuel