Shares of connected-TV platform company (NASDAQ: ROKU) soared on Wednesday after the company filed an unscheduled report. The report included increased financial guidance for the upcoming third quarter of 2023. And it also included some new measures to reduce expenses and boost profitability.
Initially, the market seemed to really like this update as Roku stock traded as much as 15% higher early in the session. But as of 10:40 a.m. ET, the stock was still up 7%.
Roku's Q3 expectations are now substantially higher than they were back in July. In the second quarter, management guided for Q3 revenue of $815 million. Now it expects revenue of $835 million to $875 million, which would represent strong 10% to 15% year-over-year growth.
Source Fool.com