Hours streamed up 60%

Riding the streaming wave, Roku reported a 49% increase in net revenue in the fourth quarter, but higher costs left the company with a net loss.

The fourth-quarter loss totaled $15.7 million, or 13 cents a share, compared to net income of $6.8 million, or 5 cents a share a year go. Adjusted earnings before interest, taxes, depreciation and amortization was $15.1 million, down 38% from a year ago, the company said.

Total net revenue rose 49% to $411.2 million.

Platform revenue increased 71% to $259.6 million as streaming hours jumped 60% to 11.7 billion.

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Active accounts rose 36% to $36.9 million from the fourth quarter a year ago and monetized video advertising impressions more than doubled.

“2019 was a tremendous year for TV streaming as the massive shift of the TV ecosystem gained momentum. These developments were a clear indication that traditional media, as well as new entrants, plan to compete aggressively in OTT and we believe Roku is the best platform for them to engage streamers, the company said in its letter to shareholders.

“In the midst of this ongoing shift in the industry, we continue to execute well against our strategic plans by launching innovative products, being a neutral partner at the center of the streaming ecosystem, building capabilities to aggregate content and engage viewers, and further strengthening our unique advertising platform which offers superior capabilities for brands. Given the size of the opportunity, we believe that investing incremental gross profit in 2020 to extend our strategic advantages best positions us for the decade ahead,” the company said.