Roku, Inc.

We believe that Roku’s updated guidance for the Platform segment’s gross margin in FY25 has positive implications for the revenue trajectory this year. Our analysis, detailed below, suggests that the change came as a result…

We are updating our estimates following Q1 FY25 report. Our rating and price target remain unchanged. Q2 FY25 We expect Platform revenue of $941m and gross profit of $479m, Devices revenue of $130m and gross profit…

Q1 results in line, full FY25 for Platform revenue reaffirmed, some softness is now expected in the Devices segment due to the tariffs backdrop. We see the print as somewhat mixed with (i) no guide-down…

We are updating our estimates following Q4 FY24 report. Our rating and price target remain unchanged. Q1 FY25 We expect Platform revenue of $876m and gross profit of $463m, Devices revenue of $127m and gross profit…

A long-expected good quarter with the results and guidance supporting the bull thesis. The Platform segment gross margin of 54.1% hints at another ASC 606 adjustment. ROKU provides guidance for full FY2025 for revenue above…

In our view ROKU’s business performance and the stock price diverged last year. We believe that this year, ROKU is even better positioned to take advantage of industry-wide tailwinds. Additionally, FY24 highlighted the durability of…

We are updating our estimates following Q3 report. Our rating and price target remain unchanged. Q4 FY24: We expect Platform revenue of $945m and gross profit of $500m, Devices revenue of $194m and gross profit of…

Lots of moving pieces against the backdrop of elevated expectations, we think the call will bring more clarity. The guidance for 14% Platform revenue growth in Q4 implies a ~1% deceleration v. Q3 but Q3…

In this note we show that an acceleration in Platform revenue growth in FY25 looks doable given the growth trajectory of the existing revenue streams and the opportunity presented by the partnership with TTD and…

We are updating our estimates following Q2 report. Our rating and price target remain unchanged. Q3 FY24: We expect Platform revenue of $851m and gross profit of $463m, Devices revenue of $159m and gross profit of…

Another quarter of beating the estimates and guiding to basically in-line revenue in Q3. A few things stand out: (i) the Shareholder Letter this time highlights initiatives to accelerate Platform revenue growth; (ii) The Roku…

We are updating our estimates following Q4 report. Our rating and price target remain unchanged. Q2 FY24: We expect Platform revenue of $804m and gross profit of $426m, Devices revenue of $131m and gross profit of…

A beat but the Q2 guide looks somewhat cautious again for what it’s worth. A couple of less obvious points that stand out. First, The Roku Channel now is now the #3 app on the…

Our Buy thesis is based on our belief that the estimates are beatable at this point and the stock price will go up after beat and raise quarters. The bear arguments that have weighed on…

We are updating our estimates following Q4 report. Our rating and price target remain unchanged. Q1 FY24: We expect Platform revenue of $722m and gross profit of $376m, Devices revenue of $129m and gross profit of…