Media streaming platform Roku, Inc. (NASDAQ: ROKU) reported a wider net loss for the third quarter of 2023, despite a double-digit increase in revenues.

The company posted total revenues of $912 million for the three months ended September 2023, which is up 20% from the year-ago period. The number of active accounts increased to 75.8 million.

Roku incurred a net loss of $330.1 million or $2.33 per share in the third quarter, which marked a deterioration from the prior-year period when the company reported a loss of $112.2 million or $0.88 per share.

“We had a solid rebound in video ads in Q3 and we expect the YoY growth rate of video ads in Q4 to be similar. However, we remain cautious amid an uncertain macro environment and an uneven ad market recovery. Additionally, we will face difficult YoY growth rate comparisons in content distribution and M&E which will challenge the YoY growth rate of pla_orm revenue in Q4,” said Anthony Wood, CEO of Roku.

Prior Performance

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