- The streaming company topped 30 million active accounts for the first time after adding 1.4 million new accounts during the period.
- Following the strong quarter, Roku expects its 2019 revenue to grow by 46% year-over-year to $1.085 billion, up from the company's prior guidance of 40% growth
- Watch Roku trade live .
Roku's wild run in the markets in 2019 is pushing on.
Share's of the streaming platform soared as much as 22% to a record intraday high of $123.16 on Thursday after the company reported second-quarter earnings that smashed Wall Street forecasts. The company's previous all-time intraday high was $113.44.
Here are the key numbers from Roku's earnings report:
Revenue: $250.1 million, compared to $224.46 million expected by analysts
Earnings per share: -$0.08, compared to -$0.21 expected by analysts
Average revenue per user: $21.06, up $2.00 from the first quarter
Net income: -$9.33 million, compared to -$23.6 million expected by analysts
Roku's revenue growth was driven by two factors: its ability to better monetize video ad impressions and an increase in value for its content distribution agreements.
The company sells two main products, a Smart TV that gives users access to Netflix and other streaming services including the ad-supported Roku Channel, and the Roku Streaming Player, which is the equivalent of an Amazon Fire Stick. Roku licenses TV shows and movies from other companies to distribute on the Roku Channel.
Roku also added 1.4 million accounts in the second quarter, bringing its total active accounts to more than 30 million for the first time.
Overall, the company experienced its highest growth rate since going public in 2017, according to Roku's Chief Executive Officer Anthony Wood.
Bullish analysts have argued that Roku, which neither owns nor produces any content, will likely benefit from the launch of new direct-to-consumer streaming platforms like Disney Plus and HBO Max.
Rosenblatt Securities upgraded Roku from a Neutral to Buy rating and raised its price target from $77 to $134 following its second-quarter report.
"While our premise has been only content owners win in the end, we now believe ROKU's brand and audience reach is essentially "out-scaling" the unowned content model," Mark Zgutowicz, an analyst, said in a note to clients on Thursday.
Roku also raised its full-year revenue outlook following its strong second quarter. It now expects revenue to grow by 46% from last year to $1.085 billion, up from the 40% growth target in its prior guidance.
Roku was already up nearly 300% year-to-date through Wednesday's close.