LOS GATOS, Calif. – Roku named the best performing stock for the technology sector in 2019, according to reports from CNBC.
Based on the same report, the share price of Roku went up the previous year by around 355%, recording a great year for the streaming service provider. The massive growth in its price in the stock market is in line with the continued growth of the Roku TVs as well as Roku players.
For the third quarter of 2019, the revenue recorded for Roku has increased by 59%, adding 112.2 million on its profits from advertisements and subscriptions from the same quarter in 2018. The recorded revenue of Roku is significantly higher compared to 6.2 million from other streaming player profits. Further, reports from Roku have also suggested that they currently have more than 32.3 million active subscriber accounts.
These optimistic numbers and the insane growth of the streaming provider in the previous year was the main reason that drove its stock price up. Its strong jump was also boosted from adding supports towards Disney+ as well as the recent addition of the Apple TV Roku Channel. Further, Roku has also announced that it’s going to partner with Walmart the previous year, which then progressed to the Onn brand of Walmart selling Roku-powered smart TVs and speakers.
In 2019, there was also a significant growth with Roku’s partnership to offer its subscription plans through the Roku Channel. Currently, the company makes most of its profits from selling subscription plans and from advertisements.
Although 2019 has been a great year for Roku, it still has to fight the uphill battle in the growing market of streaming players and smart TVs.
Meanwhile, 2019 has seen Roku expanding its reach in South and Central America. Roku TVs have also spread out in Europe and Canada, and in 2020, the market and streamers alike are closely watching if the streaming service provider can sustain its growth from last year and ultimately compete with the giants such as Samsung and Amazon.