Roku, like other streaming-based businesses, is reaping strong results from higher usage -- but has continuing concerns about the remainder of the year.
Streaming hours have climbed 49% year-over-year to 13.2 billion in the first quarter for the set-top-box/smart TV-based provider of TV networks/video apps, according to a company release on Monday.
Roku says it added nearly three million active accounts -- to a total of 39.8 million -- for the first quarter ending March 21. In the fourth quarter of 2019, total streaming hours were 11.7 billion.
As a result, Roku says, revenue will now climb to land between $307 million and $317 million for its first0quarter results. It previously expected to see $305 million for the period.
Other financial metrics are the same -- with a net income quarterly loss of between $55 million and $60 million, and a total gross profit projected to reach $139 million to $144 million.
However, at the same time, Roku is pulling back on offering a full-year outlook due to “economic uncertainties arising from the COVID-19 pandemic.”
Roku’s stock was up 11% in mid-Tuesday stock market trading, getting to $107.11.
Roku’s stock is up nearly 55% over the last month period (since March 14), but still down overall year to date by 20%.
Roku will release first-quarter results on May 7, 2020.