Roku swung to a net loss in the first quarter of 2022, but Wall Street knew it was coming.

The company reported a loss of $26.3 million, compared to net income of $76.3 million in the first quarter of 2021. At 19 cents per share, the net loss was exactly in line with Wall Street’s consensus forecast, according to FactSet. Total net revenue of $734 million came in ahead of estimates at $718 million.

Roku (ticker: ROKU) added 1.1 million active accounts to reach 61.3 million, a touch below expectations at 61.8 million.

Roku stock was rising in after-hours trading shortly after the report, briefly clearing $100. Shares were up 3.7% to $95 shortly before the company’s 5 p.m. Eastern time conference call.

Average revenue per user pulled off a healthy gain, up 34% to $42.91 on a trailing-12-month basis.

CEO Anthony Wood insists Roku is a streaming platform, not a streaming service. Netflix struggles have no impact on Roku streaming hours, which also jumped 14% to 20.9 billion hours.

https://www.barrons.com/articles/roku-earnings-what-to-expect-51651170075?siteid=yhoof2