35.42 +0.68 (1.96%)
Pre-market: 8:00AM EDT
|Bid||34.94 x 900|
|Ask||35.12 x 2900|
|Day's range||34.56 - 36.60|
|52-week range||15.75 - 58.80|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
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(Reuters) - Roku Inc (ROKU.O) shares were up nearly 7 percent premarket on Thursday after it posted smaller-than-expected first-quarter loss helped by its TV streaming platform. Roku, which makes devices ...
Roku, which makes devices for TV streaming, said https://bit.ly/2ryHWAN on Wednesday revenue from its platform more than doubled to $75.1 million, from strong growth across advertising and content distribution. "The strong growth in Roku Channel usage highlights growing ad-supported content consumption," Morgan Stanley analyst Benjamin Swinburne wrote in a client note. Roku also beat Wall Street expectations with active accounts up 47 percent to 20.8 million at the end of March 31 and average revenue per user jumping 50 percent, fastest growth rate in 18 months.
Roku reported a smaller-than-expected loss in the first quarter and posted higher revenue from its streaming platform than from the sale of its physical devices.
Known for its streaming dongles and gadgets, Roku Inc. now makes more money from its software, and that is very much by design. Roku executives have been saying for months that they want to pursue revenue and opportunity in the TV operating system market, eschewing hardware profit, and the company’s first-quarter results tilted the balance for the first time. Roku’s “platform” revenue was 55% of total sales at $75.1 million, well ahead of Wall Street estimates of $66.7 million and topping hardware revenue in a quarter for the first time.
Roku Inc. shares hovered between gains and losses and were up more than 1% in the extended session Wednesday after dropping about 9%. Roku stock closed up 8.9% to $36.08 during regular trading. The company reported first-quarter net losses of $6.6 million, or 7 cents a share, compared with losses of $8.7 million, or $1.79 a share, in the year-ago period.
Streaming video platform Roku late Wednesday reported better-than-expected first-quarter results and guided higher for the current quarter and full year.