Streaming device company Roku’s stock has seen a 302% boost since January 2019, growing from $32.52 per share to around $131 per share on Tuesday.
The Wrap writes, “the company has been the top-performing stock of the year out of all companies worth $5 billion or more.”
Roku became even more profitable as many customers opted for cheaper streaming alternatives to cable and satellite. With its Smart TVs and streaming players, customers can easily access platforms like Netflix and Hulu.
In November, Roku reported that it had more than 32 million active accounts during its third quarter and that its viewers watched 10.3 billion hours of content, which is equal to about 3.5 hours per account each day.
However, the announcement of Apple's new, cheaper streaming service in September caused Roku's stock to dip. Out of Disney and Netflix, Roku took the biggest hit with its shares falling to 12.62%. The company's dramatic decline was rooted in the fact that Apple's streaming service is offered exclusively on Apple products, which cuts into Roku's main product, Smart TVs. Still, Roku seemed to bounce back quickly: in October, Business Insider reported that the company’s stock could rise another 30% in the near future.
