Here's Why Roku Stock Skyrocketed Today
Shares of connected-TV platform company (NASDAQ: ROKU) skyrocketed on Thursday after the company reported financial results for the third quarter of 2023. Roku saw a recovery in video advertisements and its revenue growth rate consequently reaccelerated. And that's why Roku stock was up 23% as of 10 a.m. ET.
Prior to today's jump, Roku stock was trading near five-year lows because its revenue growth had slowed and its expenses had soared. But in Q3, the company showed promise on the top line. Revenue was up 20% year over year to $912 million, thanks to growth in active accounts and streaming hours.
Importantly, Roku's 20% growth was much better than its 11% growth rate in the previous quarter. And it was better than its 12% growth in the same quarter of 2022.
Source Fool.com
Roku Stock
Currently there is a rather positive sentiment for Roku with 29 Buy predictions and 7 Sell predictions.
With a target price of 93 € there is a hugely positive potential of 70.99% for Roku compared to the current price of 54.39 €.
