The company noted early in the first quarter it completed rolling out its "Are you still watching feature" that exits video playback after user inactivity, which was expected to result in slower growth. But that feature was more than offset by usage from people sheltering in place.
"As previously noted, the roll out of this feature will moderate streaming hour growth; however, beginning in late Q1 Roku started to see the effects of large numbers of people 'sheltering at home,'" the company said in a statement.The company's CEO Anthony Wood said consumers are turning to the platform "now more than ever."
"We have been working closely with advertisers to help update their plans to reflect new viewing patterns and adjust their overall marketing mix which has been affected by social distancing," Wood said. "While we expect some marketers to pause or reduce ad investments in the near term, we believe that the targeted and measurable TV ads and unique sponsorship capabilities that Roku offers are highly beneficial to brands today.
The company said it ended the first quarter with an estimated $587 million of cash, cash equivalents, restricted cash and short-term investments, including a $70 million draw-down from its revolving credit facility. The company will release first-quarter 2020 results on May 7 after market close.
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