(Bloomberg) — Roku Inc. rallied on Wednesday after a revenue projection for the current quarter topped estimates and sales generated from its streaming platform accelerated.
The Los Gatos, California-based company forecast third-quarter revenue of $250 million to $255 million, exceeding average analyst estimate at $246.2 million. Platform revenue surged 86% in the second quarter to $167.7 million, an acceleration from growth of 79% in the first quarter.
The stock rose as much as 12% in extended trading, touching $113 and briefly surpassing the July 16 closing high of $111.94. Roku shares have gained more than three-fold in 2019.
To contact the reporter on this story: Jeran Wittenstein in San Francisco at [email protected]
To contact the editor responsible for this story: Catherine Larkin at [email protected]
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