Photo courtesy of Roku.
Roku Inc (ROKU) shares are moving higher after reporting a big first-quarter earnings beat.
Earnings came in at $(0.09), beating estimates by 16 cents. Sales came in at $206.7 million, beating estimates by $14.73 million. The company also issued strong second-quarter sales guidance of $220-$225 million versus a $220.2-million estimate.
“We saw strong Q1 sales for both Roku TVs and players. We estimate that Roku TVs sold by our OEM partners accounted for more than one-in-three smart TVs sold in the U.S. in Q1, as we gained significant market share,” Roku CEO Anthony Wood said in a press release.
First Quarter Highlights
- Player unit sales up 21 percent year-over-year
- Platform revenue grew 79 percent year-over-year
- Ended the quarter with $290 million of cash
In after-hours trading, Roku traded higher by 7 percent at $69.30 per share. The stock closed Wednesday's regular session at $64.92.
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