Roku estimated that one of every three smart TVs sold last quarter were Roku TVs, a figure that the company said moved it past Samsung and made it the top smart TV operating in the U.S.
That growth is of course crucial to Roku as the company looks to attract more users to its platform and grow that side of its business. It appears to be working as Roku’s platform revenues rose 79% to about $134 million during the first quarter. That helped the company’s total net revenue grow 51% to nearly $207 million and gross profit increase 60% to $101 million.
Roku also reported increases in usage on its platform. Active accounts increased by 2 million from last quarter and now total 29 million, and streaming time increased by 1.6 billion hours since last quarter, putting the first-quarter total at 8.9 billion hours.
“Roku platform engagement continues to strengthen as more content shifts to streaming and more consumers cut the cord. Per household streaming grew to an average of roughly 3.5 hours a day per active account, representing nearly half of average U.S. per-household daily viewing,” the company wrote in a letter to shareholders.
Roku’s streaming device business also grew during the quarter. Player revenues totaled $72.5 million, up 18% year over year.
Roku’s net loss during the first quarter increased to $10.7 million, up from $6.9 million one year ago, but the company said it was better than the $28 million to $32 million loss it was expecting.
Looking ahead to next quarter, the company is expecting $220 million to $225 million in revenue, $98 million to $103 million in gross profit and $25 million to $30 million in net loss. For the full year, Roku now expects revenues to total $1.03 billion to $1.05 billion.