Roku Shares Surge 28%

 

rokuexpressShares in streaming media player Roku soared again Monday, closing at $42.71, up $9.46 or 28.45% for the day. Roku (Nasdaq: ROKU) shares traded as high as $47.49, an all-time high.

Roku has tripled its Initial Public Offering price of $14 from September 28 after reporting strong earnings last week. The Los Gatos company now has a market capitalization of $4.15 billion.

Roku sells streaming media players that can plug into TV sets starting at just $29.99.

The company also has inked deals with TV manufacturers to have their software built-in to new TV sets.

Roku just announced a deal Monday with Funai Electric to build smart TVs with Roku software under the Philips brand. The TVs will go on sale in the U.S. later this year.

“We are excited to work with Roku to deliver an exceptional streaming service on our Philips branded TVs,” said Peter Swinkels, GM, Product Planning at Funai Electric. “The Philips brand is a well-known and trusted brand in the U.S. that delivers best-in-class performance TVs. By using the Roku operating system to power Philips branded TVs, our customers will enjoy a simple-to-use interface that offers excellent streaming entertainment and discovery features for smart TVs today. We look forward to delivering new Philips Roku TVs later this year.”

 

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