Roku (NASDAQ: ROKU) stock price bounced almost 7 per cent after reporting revenue and earnings beat analysts estimates for the fourth quarter of 2019. The online streaming and entertainment company generated massive year over year growth in financial numbers for the fourth quarter and a full year. The market analysts believe a solid outlook for fiscal 2020 is likely to help in reversing the losses that it had incurred during the past couple of months.
Roku stock price is currently trading around $140, down from the highest level of $176 a share. ROKU share price traded in the narrow range of $130 over the past few months after plunging from the all-time high that it had hit at the beginning of the second half of 2019.
Strong Financial Growth Boosted Roku Stock
Roku stock price bounced on the back of robust financial and market share growth in fiscal 2019. Its fourth-quarter revenue of $411ml increased by 49 per cent from the year-ago period. The full-year revenue came in at $1.12bn, up 52 per cent from the past year. It added close to 4.6ml incremental active accounts in the last quarter alone, ending the full year with 36.9 million active accounts.
“In Q4 2019, we exceeded our outlook for revenue, gross profit, and adjusted EBITDA. For the full year, we achieved strong growth, exceeded $1.1 billion in revenue, and reinforced our position as America’s No. 1 TV streaming platform by hours streamed. We connect consumers, content publishers, advertisers, and TV brands and are rapidly increasing our scale,” the Chief Executive Officer said.
Roku Expects Similar Growth in 2020
The company expects to accelerate the revenue growth trend in 2020. They plan to invest aggressively in advertisement campaigns along with product innovation and international expansion. It expects 2020 revenue to stand in the range of $1.56bn, representing a 42 per cent growth from last year. The streaming company also forecast substantial gross profit growth compared to the past year.
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