Roku, Inc. (NASDAQ: ROKU) on Thursday reported financial results for the fourth quarter of 2021. Earnings declined from last year despite a double-digit increase in revenues.
The company reported total revenues of $865.3 million, which is up 33% from the year-ago period but below the consensus forecast. The number of active users increased 17% to 60.1 million. At $41.03, the average revenue per user was up 43%.
Meanwhile, net income decreased sharply to $23.7 million or $0.17 per share from $67.3 million or $0.49 per share in the prior-year quarter.
“We have an enormous opportunity ahead of us around the world. Time spent on TV streaming is increasing but is not yet equivalent to time spent on legacy TV, and ad budgets still significantly lag TV streaming viewership. With our competitive advantages — the Roku OS, The Roku Channel, and our ad platform built for TV streaming — we are strongly positioned to capture this opportunity,” said Anthony Wood, CEO of Roku.