Streaming TV service Roku jump sharply in midday trading following an earnings report that topped estimates and bullish guidance.
Roku (NASDAQ:ROKU) soared 23% after earlier setting a new intraday all-time high of $80.45.
Roku reported a first-quarter loss of 9 cents per share, much narrower than the loss of 24 cents per share analyst forecasts compiled by predicted. Revenue of nearly $207 million topped expectations of $189.7 million.
Active accounts rose 2 million from the fourth quarter to 29.1 million, while streaming hours rose 1.6 billion to 8.9 billion.
Looking ahead, Roku predicted revenue of $220 to $225 million, just ahead of the consensus estimate of $217.8 million.
The report is good news for companies with streaming services, indicating strong demand continues as more customers cut the cord.
Still, other streaming companies struggled in the overall market selloff. Netflix (NASDAQ:NFLX) fell 1.3%. Disney (NYSE:DIS), whose Disney+ streaming service comes out later this year, was down 0.8% despite solid earnings.
