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.

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Source Fool.com