Roku (NASDAQ: ROKU) was outpacing the market early Tuesday, with shares up by 5% as of 11 a.m. ET compared to a 1% boost in the S&P 500.

The rally in the wider market played a key role in driving the streaming video company's stock price spike. But Roku also announced some positive news about its hardware lineup.

In a press release, Roku revealed that it is launching its premium streaming player, called Ultra, in the Canadian market. The hardware segment has been a major drag on its business lately. As management noted in late July, after an early pandemic surge, demand for streaming devices has fallen. Additionally, its manufacturing costs have risen more quickly than the company could raise its prices. These factors contributed to Roku's gross profit margin falling in Q2 from 65% of sales to 59% of sales.

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Source Fool.com