Why Roku Stock Skyrocketed Today

Shares of Roku (NASDAQ: ROKU) have skyrocketed today, up by 46% as of 12:01 p.m. EST, after the company reported its first earnings release as a public company. The results crushed expectations.

Revenue in the third quarter soared 40% to $124.8 million, making short work of the consensus estimate of $110.5 million in sales. That translated into a non-GAAP net loss of $0.10 per share, while the Street was expecting Roku to lose $1.37 per share on an adjusted basis. The growth was driven by the platform business, which saw revenue skyrocket by 137% to $57.5 million.

Image source: Roku.

Source: Fool.com