Roku’s ad business delivers, but the company needs to get enough devices in front of the eyeballs that advertisers are paying to reach. WSJheard explains. WSJWhatsNow
Investors got a painful reminder Wednesday that Roku is still in the hardware business.
But there is no room for error. Roku’s second-quarter results reported Wednesday afternoon were strong in many important respects. Platform revenue reflecting the company’s advertising business more than doubled year over year to $532 million—handily beating Wall Street’s projections. But player revenue fell short, rising only 1% year over year to about $113 million. Moreover, player gross margins went negative for only the second time in the company’s history.
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