Share prices for streaming giant Roku continued to surge in after-hours trading Wednesday following the company's release of its quarterly earnings report. That's a positive sign for the company as competition heats up in the streaming space, with new services expected from both Disney and Apple in the coming months.
Roku announced that it is raising its full-year outlook to a midpoint of $1.085 billion, up from the range of $1.03 to $1.05 billion that the company set following the last quarter.
On earnings-per-share, Roku also beat expectations. Analysts had anticipated a 22 cent loss in earnings-per-share, but the company only lost 8 cents per share, a sign that it's edging closer to profitability.
The company stands to benefit as American households increasingly look to cut the cord, and transfer from cable bundles to online content subscriptions. Roku earns revenue from advertising on its platform, subscriptions to its content, and selling its operating system boxes, which connect to televisions.
The company reported that its total net revenues have risen to $250 million, up 59 percent year-over-year. Streaming hours are also up by half a billion from the first quarter, and a 72 percent rise from the second quarter last year. Average revenue per user is also up $2 from the first quarter.
"We're an essential partner, especially for new services, because we're the best place to grow audience. Not only do we have the biggest platform in the U.S., but we also have the most robust tool services to help them build viewership for their new services," Roku CFO Steve Louden told Cheddar in May. "They need to find a home on a place like Roku, and we have the most content out there right now."
Oracle soars as it cashes in on the AI boom, Plus: Starbucks shares continue to fall under its new CEO, and does anybody actually want a new iPhone Air?
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
Aurimas Sabulis, CEO of Dextall, unveils how AI‑driven prefabricated façades slash design time by 80%, labor by 87%, and accelerate affordable housing delivery.
Online broker Robinhood Markets will join the S&P 500 index Online broker Robinhood Markets will join the S&P 500 index as its stock rides higher on a cryptocurrency wave.
