Roku Shares Surge as Lockdowns Boost Revenue

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

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XFL Files for Bankruptcy – CFO

Vince McMahon’s XFL football league declared Chapter 11 bankruptcy on Monday afternoon.

Alpha Entertainment, the parent company behind the XFL, suspended operations on April 10 and the league wasn’t expected to return in 2021 due to the coronavirus pandemic.

The XFL folded with assets and liabilities each in the range of $10 million to $50 million, according to ESPN. St. Louis Sports Commission, a nonprofit organization that promotes major sporting events for the city, was the largest creditor in the filing at $1.6 million. Among the eight coaches in the league, seven were listed as among the top creditors.

The XFL said it wasn’t “insulated from the harsh economic impacts” of the pandemic, despite capturing “the hearts and imaginations of millions of people who love football.” As such, the league and its parent company filed a voluntary petition for relief under Chapter 11.

“This is a heartbreaking time for many,

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