Roku Rises to Fresh Record Thanks to Prime Day Sales
(Bloomberg) -- Roku Inc. shares rose to a record on Tuesday amid indications of strong sales of the company’s products during Amazon.com’s Prime Day.
Televisions with Roku technology and Roku streaming devices were among best-selling electronics during the annual two-day sale, according to Amazon. The stock rose as much as 7.1%, pushing year-to-date gains above 260%.
“The market thinks they’re a beneficiary of Prime Day,” said Wedbush Securities analyst Michael Pachter. The more televisions sold with Roku operating systems, the greater their opportunity to sell ads or subscriptions to content providers like Netflix, he said.
The third best-selling TV during Prime Day was a 32-inch Roku-enabled TCL for $99, according to Amazon.
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