Roku headquarters in San Jose, California.

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Roku reported first quarter net revenue of $1.25 billion, up 22 percent year-over-year and above its guidance of $1.2 billion, and net income of $85.7 million, above its guidance of $50 million.

These totals also came in above with analyst expectations of $1.2 billion in revenue and above the expected earnings of $0.34 earnings per share.

Platform revenue grew 28 percent year-over-year to reach $1.13 billion. Advertising was the primary contributor to that, reaching $613 million, up 27 percent year over year, with subscription revenue reaching $519 million, up 30 percent year over year. The first quarter was the company’s highest quarter yet for premium subscription sign-ups.

“We believe this outperformance reflects the growing recognition among advertisers that Roku’s unique combination of scale, first-party data, and innovative ad technology delivers measurable outcomes that help businesses grow,” the shareholder letter reads.

Streaming hours hit 38.7 billion, up eight percent year over year.

The numbers also come on the heels of two major announcements from the company. On April 16, Roku announced that it had reached more than 100 million streaming households worldwide. This week, research firm Antenna also estimated that Roku’s $2.99 a month service, Howdy now has more than 1 million subscribers after launching in August.

The company also hit an all-time high of free cash flow, reaching $538.8 million.

“These results affirm our path to sustaining double-digit Platform revenue growth, expanding margins, and growing our north star metric of Free Cash Flow per share,” the company said in its shareholder letter.

For the second quarter, Roku said it expects platform revenue to grow 20 percent year over year and devices revenue down high-single digits. This would result in total net revenue of $1.3 billion, up 17 percent year-over-year, with total gross profit of $580 million. Roku also raised its outlook for the full year, expecting platform revenue to grow close to 21 percent to $5 billion, and devices revenue of approximately $535 million, for total net revenue of $5.5 billion.

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