Roku reported a monster second quarter Wednesday amid the coronavirus pandemic as 43 million people watched 14.6 billion hours of television on its platform, a 65% increase over this time last year.
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The streaming platform added 3.2 million more accounts, which drove total revenue up 42% and gross profit up 29% year-over-year.
A Roku spokesperson told FOX Business that the second quarter “was the strongest net increase in active accounts in our history outside of the typically busy Q4 holiday season.”
CEO Anthony Wood and CFO Steve Louden said that demand for Roku’s streaming players increased when stay-at-home orders went into effect in mid-March.
“The re-platforming of TV to streaming has accelerated,” the Roku executives wrote in a letter to shareholders. “We believe that Roku’s products and services are more relevant than ever, that we are an essential partner to content owners who want to reach large streaming audiences, and that our modern tools and incremental reach over linear TV drive great results for brands.”
Advertising spending has plummeted during the coronavirus pandemic. Roku doesn’t think that it will pick back up until late next year as industries like dining, travel, and tourism continue to struggle.
“The ad industry outlook remains uncertain for Q3 and Q4, and we believe that total TV ad spend will not recover to pre-COVID-19 levels until well into 2021,” they wrote.
Shares of Roku closed down .6% on the day.