Roku Inc. (NASDAQ: ROKU) shares made a huge gain on Monday after the company provided an update on its streaming platform. The company made these disclosures ahead of business meetings at CES 2019 this week in Las Vegas.
Overall, the firm demonstrated continued momentum for its platform, as well as a shift in consumers toward streaming. Specifically, the firm announced that its fourth-quarter active accounts topped 27 million, up roughly 40% year over year.
Also, fourth-quarter streaming hours were an estimated 7.3 billion hours, up about 68% year over year, bringing the full year 2018 streaming hours to about 24 billion, up about 61% from 2017.
Roku will report its final operating metrics as well as fourth-quarter and full-year 2018 financial results in February. Consensus estimates are calling for $0.04 in earnings per share (EPS) and $261.05 million in revenue. The same period of last year reportedly had $0.08 in EPS and $188.26 million in revenue.
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Roku CEO Anthony Wood commented:
Strong active account growth and accelerating streaming hours point to consumers’ growing enthusiasm for streaming, making Roku America’s largest and fastest growing TV streaming distribution platform. In 2018, we maintained our leadership in streaming players, licensed smart TVs and TV streaming hours. Roku continues to bring viewers more choice, great value, a compelling user experience – and lots of TV fun.
Shares of Roku were last seen up about 20% at $40.59, with a consensus analyst price target of $60.46. The 52-week trading range is $26.30 to $77.57.
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