LOS GATOS, Calif.—Roku is reaping the benefits of the streaming revolution with major increases in its number of subscribers and total revenue, as made clear by the company’s earnings report for the second quarter of 2019. Among the milestones that Roku hit in this most recent quarter was surpassing 30 million active accounts and exceeding expectations for platform and player revenue, which totaled more than $250 million.
Overall, the total net revenue for the Roku hit $250.1 million in Q2, a 59% year-over-year increase, with platform revenue jumping from $90.3 million a year ago to $167.7 million (86% year-over-year). The gross profit for the most recent quarter came in at $114.2 million, a 47% year-over-year growth.
Roku says that the increase in revenue was primarily driven by its growth in advertising, specifically the company’s monetizing of video ad impressions. Increases in the estimated value of content distribution agreements also helped drive revenue growth.
As a result of the exceeded revenue marks, Roku has raised its entire 2019 outlook to a total net revenue between $1.075-$1.095 billion and a gross profit between $480-$490 million.
Beyond its boom in revenue, reports and also finding that Roku is continuing to grow as a leader of streaming devices. A recent report from Strategy Analytics found that the Roku operating system powers 41 million OTT devices and smart TVs in the U.S., 36% more than the next closest competitor (Sony PlayStation).
More information on Roku’s Q2 results are available here.