Why Roku Stock Is Rising Today

Roku Inc ROKU shares are trading higher Wednesday in sympathy with Netflix Inc NFLX, which announced better-than-expected subscriber numbers.

Netflix previously guided for a loss of 2 million subscribers in the second quarter, but the company reported a loss of just under 1 million. Global streaming paid memberships totaled 220.67 million in the quarter, representing an increase of 5.5% year-over-year.

Netflix said it expects paid net adds to jump about 1 million in the third quarter.

Related Link: Netflix Q2 Earnings Highlights: Stock Climbs On Subscriber Beat, Guidance, Ad-Supported Update

Roku is set to announce its second-quarter financial results after the market closes on July 28, according to data from Benzinga Pro.

Roku pioneered streaming to TV. The company connects users to streaming content, enables content publishers to build and monetize large audiences and provides advertisers with unique capabilities to engage consumers. 

ROKU Price Action: Roku has a 52-week high of $490.76 and a 52-week low of $72.63.

The stock was up 6.46% at $95.67 at press time.

Photo: courtesy of Roku.