There are two sides to the (NASDAQ: ROKU) stock chart. On the one hand, shares of the streaming on TV pioneer have nearly doubled this year. The longer chart shows that Roku is still 85% below its peak set two summers ago. There's feast. There's famine. There's nothing in the middle.

Thankfully there isn't much divergence in sizing up Roku's second-quarter results. It was a blowout performance. For the third time in as many chances at the plate in 2023, Roku has exceeded its earlier guidance. Analysts weren't even close this time. 

The naysayers still continue to get louder. Short interest is approaching 9% of Roku's outstanding share count, nearing a three-year high for bearish wagers placed against North America's leading operating system for smart TVs. Roku is surprising everyone, yet somehow failing to impress the masses at the same time. It's time for a fresh look at an ascending Roku.

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Source Fool.com