Roku significantly beat Wall Street analysts' consensus forecast in the third quarter, posting a 16% jump in revenue to $1.06 billion and narrowing its per-share loss to 6 cents.

It was the first quarter in which the company reported sales of over $1 billion. Platform revenue, the dominant category that includes advertising, rose 16% to $908 million compared to the year-ago quarter. The Company does not break out advertising as a separate line item.

Analysts had expected a loss of 32 cents per share (compared to a loss of $2.33 in the year-ago period) and revenue of $1.02 billion.

In its quarterly letter to shareholders, the company announced a change to its reporting protocol whereby the number of active households would no longer be reported regularly. Roku said it will announce key milestones from time to time, such as reaching 100 million households worldwide, a threshold it plans to reach in the next 12 to 18 months.

The change is expected to take effect in the first quarter of 2025, as Netflix is ​​also making a transition and will stop reporting subscriber numbers. Both companies say other metrics are better indicators of their financial health. Roku said its key performance metrics starting in January will be streaming hours, platform revenue, adjusted EBITDA and free cash flow.

While Roku stock is far from the all-time highs it reached in 2021 after a Covid-led rebound, it is fighting back toward breakeven in 2024. It gained another 1% on Wednesday, closing the regular trading day at $77.51.