Roku, Inc.

The ROKU story has been building up to a print/guide like this for a few quarters, in our view. The strong results and very strong guide were probably a surprise even for bulls who had…

We believe that at this point the drivers of Platform revenue growth in FY26 are fairly well understood. We believe, however, that the Street has less visibility into the gross margin profile of each of…

We are updating our estimates following Q3 FY25 report. We are raising our 12 month price target to $135. Q4 FY25 We expect Platform revenue of $1,90m and gross profit of $619m, Devices revenue of $161m…

Q3 results and the Q4 guide are supportive of the longer-term story but can prove to be not strong enough not to pressure the stock in the short term. We estimate the Platform segment revenue…

In this note we take a closer look at a potential driver of Platform revenue growth that currently seems overshadowed by ROKU’s integration with DSPs. We believe that video advertising on the home screen, now…

We are updating our estimates following Q2 FY25 report. Our rating and price target remain unchanged. Q3 FY25 We expect Platform revenue of $1,055m and gross profit of $538m, Devices revenue of $150m and gross profit…

Q2 results and the guide look in line with bulls’ expectations going into the print. Video advertising revenue came in better than the company’s expectations which should give the Street more conviction in estimates going…

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…