Roku Rips Higher After Big Q1 Earnings Beat

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.

Related Links:

KeyBanc Lifts Roku Price Target Amid Ongoing Momentum

Citi Downgrades Roku To Sell On Increased Competition, Valuation

Photo courtesy of Roku.