Roku Inc (NASDAQ:ROKU) unveiled its latest quarterly earnings results after the bell Wednesday, which were better than what Wall Street expected.
Shares already surged nearly 9% during regular trading hours in anticipation of the company’s results and increased an additional 5.6% after the bell on its earnings beat. The entertainment device maker announced a first-quarter loss of 7 cents per share on an adjusted basis to kick off its fiscal 2018.
Analysts were calling for Roku to bring in a loss of 15 cents per share, according to data compiled by Thomson Reuters. The company’s revenue for the period tallied up to $136.6 million, better than the $127.6 million that the Wall Street consensus estimate called for, according to Thomson Reuters.
Roku only went public last year in a very successful IPO and the company’s shares have gained more than 23% over the last six months thanks to its connection with streaming video sources such as Amazon.com, Inc. (NASDAQ:AMZN), Netflix, Inc. (NASDAQ:NFLX) and Hulu. The company also reported an increase in the sales of its platform, which topped the revenue from selling physical devices, proving that the company’s investments in advertising are paying off.
Roku added that of its 21 million active users, nearly half have cancelled their linear TV subscription or never had one.