Roku (ROKU +11%) is streaming acutely higher today after the company’s Q1 earnings report last night. The stock had been trending lower since late April, perhaps on worries as to what Netflix’s (NFLX) weak net sub adds in Q1 and sub guidance for Q2 would mean for Roku and for streaming trends generally. Clearly, those concerns were overblown.Roku’s Q1 numbers were pretty astonishing. Analysts had been expecting a slight drop in Q1, but Roku posted substantial profit at $0.54 per share. The quarter’s revenue was also strongly upside, and Q2 revenue guidance exceeded analysts’ expectations.Platform revenue, which includes advertising, content distribution, billing, and licensing activities, was again the large driver of overall results. Segment revs surged 101% yr/yr to $466.5 mln, accounting for 81% of total revs. Player segment (mostly hardware, TVs) sales rose a more modest 22% yr/yr to $108 mln, but that’s not a big concern, as Player margins are lower.The Roku Channel continues to perform well; it provides user-friendly access to content with wide appeal, which attracts viewers, which in turn attracts advertising spend.Roku added +2.4 mln incremental Active Accounts in Q1, driven by sales of players and Roku TV models. That’s down from +5.2 mln in Q4, but Q4 was a holiday quarter. ARPU grew to $32.14 (trailing 12-month basis), up 32% y/yr.Looking ahead, Roku concedes that it will face a mix of headwinds and tailwinds for the rest of 2021 and into 2022. Roku has recently started to lap the initial COVID-19-related shelter-at-home orders, which started in mid-March 2020, and these are creating volatile yr/yr comparisons for user growth. Also, Roku added numerous premium content partners in 2H20, which also will make user growth comps harder. On the positive side, the Platform segment will have easy comps in Q2 — last year, ad budgets generally dried up following the initial unreliability regarding the pandemic — but this will turn into more of a headwind in 2H21, as ad spending climbed late last year.Ultimately, as stated before, Roku uses a different model than other streaming names. NFLX and Disney+ will see their stocks move more on subscriber net ads. However, consider Roku sort of like Amazon and the streaming services like third party sellers who use Amazon’s neutral retail platform. Roku gets a small slice of those subscriptions, plus it derives substantial revenue from advertising on its Roku Channel. Roku’s model seems more engaging for the time being.