Analyst Note| Neil Macker, CFA |
Roku handily beat expectations during the second quarter of 2021. Total revenue increased 81% versus a year ago to $645 million, topping the high-end of expected range management provided last quarter and the FactSet consensus projection. Customer metrics during the quarter, coupled with management’s third quarter outlook and somewhat muted commentary concerning the second half of 2021, point to slowing growth ahead. We didn’t hear anything that materially changes our long-term view on the firm, especially given the noise the pandemic has introduced.