Media streaming platform Roku, Inc. (NASDAQ: ROKU) reported a net loss for the first quarter of 2023, mainly reflecting the continued decline in advertising demand.
The company reported total revenues of $741 million for the three months ended March 2023, which is up 1% from the year-ago period. The number of active accounts increased to 71.6 million.
Roku incurred a net loss of $193.6 million or $1.38 per share in the first quarter, which marked a deterioration from the prior-year period when the company reported a loss of $26.3 million or $0.19 per share.
“With the launch of the first streaming player in 2008, we pioneered TV streaming on the belief that all TV will be streamed. While the current economic cycle is challenging, we are not waiting idly for recovery. We continue to grow our significant scale and engagement,” said Anthony Wood, CEO of Roku.