Summary by Moomoo AI
Roku Inc has reported its annual financial results, revealing a mixed performance with both growth and challenges. The company's gross profit increased by 6% year-over-year, reaching $1,522.6 million for the fiscal year ended December 31, 2023, up from $1,441.1 million in 2022. Active Accounts grew by 14% to 80.0 million, and Streaming Hours saw a 21% increase to 106.0 billion hours. However, Average Revenue per User (ARPU) decreased by 4% to $39.92. Platform revenue, which includes digital advertising and streaming services distribution, rose by 10%, while Devices revenue, from sales of streaming players and other products, increased by 18%. The company also undertook cost-saving measures, including office space consolidation and workforce reductions, resulting in a restructuring charge of $356.1 million. Macroeconomic factors such as inflation and geopolitical issues have impacted the business, with advertisers reducing spending and consumer discretionary spending declining. Looking ahead, Roku plans to manage streaming device prices to grow Active Accounts, expecting this strategy to boost platform revenue and gross profit. The company's cash and cash equivalents stood at $2,025.9 million as of December 31, 2023.