We haven’t highlighted Roku’s strong growth in the decade of cord cutting, streaming and increased media consumption continues since Q4 but the latest quarter shows how the strength continues. Although Roku traded down on the results today, the underlying numbers continue to impress:

Active user accounts are still growing above 35% and now exceed 32 million
Average revenue per user was up 30% year over year to $22.58
Streaming hours growth slowed marginally from 70% year over year to 66%
The platform now makes up 68% of the revenue and 94% of the profit

Roku continues to cement itself as the TV operating system in the US and the recent acquisition of a demand side platform to enable ad buying on the platform will only further enrich margins and platform revenue growth. The easier it is for marketers to buy targeted ads, the faster the revenue grows. Unless Roku sees a significant drop in user growth or streaming hours, this one will recover and resume trading at a crazy valuation. Enjoy the charts below.