Roku’s evolution from being a seller of inexpensive streaming video boxes, to being a significant player in the world of video advertising, took another leap forward Wednesday.
The company announced much better-than-expected second-quarter results, driven largely by its so-called platform business. Among other things, that business involves selling ads that will run on the millions of Roku video players smart TVs in use.
The company is benefitting from the growing number of consumers who are watching video streamed from the internet and the growing number of hours of streaming television they’re viewing, company CEO Anthony Wood told Business Insider.
“The shift to streaming is really happening,” he said. “It’s a big opportunity for us.”
To read more about Roku’s dominance in streaming, click here.
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Roku’s plan to take on Amazon and Netflix seems to be working – and has the stock gunning for a new record high. Shares of Roku were up more than 10% in early trading Thursday, indicating an opening price of $52.15, after the company reported second-quarter earnings on Wednesday that blew Wall Street’s expectations out of the water.
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