Roku reported a loss of $250 million on revenues of $867 million in Q4 2022, but those results and its revenue guidance for the current quarter beat estimates, sending the entertainment firm’s stock up 12 percent.

“Despite a difficult macro environment in 2022, we made excellent progress building on our platform, brand, and industry leadership with the addition of nearly 10 million net new active accounts, ending the year with 70 million active accounts globally,” Roku explains in a shareholders letter. “We also drove strong streaming hour growth and delivered 20 percent year-over-year (YOY) platform revenue growth for the full year.”

Roku divides its total revenues into two buckets, platform revenue, which grew 5 percent in the quarter YOY to $731 million, and devices revenue, which fell 18 percent to $136 million. Active accounts and streaming hours, the latter of which hit 23.9 billion in Q4 and rose 23 percent YOY, both experienced double-digit growth.

Roku forecasted revenues of about $700 million in the current quarter, a figure that is $10 million higher than expectations.

“Our platform and industry leadership positions us well for reaccelerated revenue growth as the ad market recovers and the shift to TV streaming continues,” the firm said.