Roku reports bigger quarterly loss; shares fall 4%

Roku Inc posted a bigger net loss in the first quarter on Thursday, as the video streaming device maker spent more to attract subscribers to its ad-supported channel, sending its shares down 4% in extended trading.

Net loss widened to $54.6 million, or 45 cents per share, in the quarter ended March 31, from $9.7 million, or 9 cents per share, a year earlier.

Total net revenue rose 55% to $320.8 million, beating analysts' average estimate of $306.7 million, according to IBES data from Refinitiv.