's (NASDAQ: ROKU) first-quarter results (ending March 31, 2023) have been a mixed bag. While the company managed to surpass consensus revenues and earnings estimates, the effect of the cyclical slowdown in the advertising technology industry was all too apparent. Revenues grew by a paltry 1% year over year to $741 million, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) deteriorated from a profit of $57.6 million to a loss of $69.1 million in the same time frame.

Despite the macro headwinds, Roku's long-term fundamentals remain strong. Read on to find out why Roku may be a super-smart pick for patient investors in May 2023.

The rapid expansion in the number of streaming content services has made cross-service discovery a major challenge for the industry and subscribers. As a leading operating system for smart TVs and streaming devices and a major streaming service aggregator in the U.S., Roku has been making content visible to new and existing subscribers through services such as Roku Search, the free ad-supported Roku Channel, and the company's short-form promotional content section called "The Buzz."

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Source Fool.com