No, Roku's Platform Business Isn't Suddenly More Profitable

One of the things that jumped off the page from Roku's (NASDAQ:ROKU) first-quarter earnings report was the platform business. Roku's platform revenue growth accelerated to 101% and its platform gross margin expanded to 67%. While Roku's starting to lap the impact of COVID-19 on its business, giving it easier comparable quarters, that top-line growth was better than even 2019.