Roku (ROKU) shares increased Friday after the video-streaming platform company reported fourth-quarter earnings that beat assumptions and offered a positive assessment of its future potential customers, which subsequently triggered a minimum of 2 Wall Street experts to increase their one-year price targets on the supply.
Roku shares were up 1.59% at $460.18 in premarket trading on Friday after the San Jose-based business reported a surprise fourth-quarter earnings as its streaming system exceeded 51 million energetic accounts.
Roku posted profits of 53 cents a share, or 49 cents a share on an adjusted basis, on revenue of $649.9 million, a 58% year-over-year increase. Analysts were expecting a modified loss of 5 cents a share on income of $617.7 million.
“Roku CEO Anthony Wood has sold more than $270 million worth of shares in the company so far this year — that’s more in the first seven weeks of the year than he sold in all of 2020, according to securities filings. All sales were conducted under a pre-determined trading plan.
Roku has been on fire this past year, with the stock up nearly 270% in the last 12 months and about 40% from the start of the year, and the company reported quarterly earnings results on Thursday that beat Wall Street estimates. The company earned 49 cents per share, compared to a Refinitiv forecast for a loss of 6 cents per share. Roku’s revenue came in at $650 million, coming in over an estimate of $615 million. Shares were up 3% in mid-day trading on Friday.
The company, which has benefited as viewers and advertisers move from traditional linear TV to streaming, has a market cap of $57.5 billion, up from $15.2 billion in February 2020 and $5.8 billion in February 2019.”Source