Shares in Roku jumped in after-hours trading on Monday after the streaming device maker predicted first-quarter revenue above analysts’ estimates as Americans stay home for their entertainment amid coronavirus lockdowns.
Roku said that in late Q1, it “started to see the effects of large numbers of people ‘sheltering at home.’” As a result, it is now expecting total net revenue in the range of $307 million to $317 million, ahead of Wall Street estimates of $299.8 million and Roku’s own earlier forecast of $305 million as the midpoint of total revenue.
Roku shares rose 11.2% to $107.40 in the extended session as the company also reported preliminarily that, as of March 31, it had added nearly 3 million active accounts since the end of last year, bringing the total to 39.8 million.
It expects to report first-quarter streaming hours of 13.2 billion, up 49% year-over-year. Users spent 11.7 billion hours