Shares of streaming-TV platform specialist Roku (ROKU -0.76%) skyrocketed at market open on Thursday, jumping as much as 21.7%. As of 9:38 a.m. EDT, the stock was up 20.5%.
The stock's gain follows Roku's second-quarter results. The bullish move is no surprise, as the company's revenue and loss per share were both much better than expected.
Roku's second-quarter revenue surged 59% year over year -- an acceleration from 51% revenue growth in Q1. This put the company's top line at $250.1 million, ahead of both management's guidance range for revenue between $220 million and $225 million, and analysts' average revenue forecast of $224 million.
The company's loss per share was $0.08, down from breakeven in the year-ago quarter but better than analysts' consensus estimate for a loss of $0.22.
"Continued strong execution against our strategic plan led to a great quarter," said management in the company's second-quarter shareholder letter. "We achieved two significant milestones: active accounts passed 30 million and [average revenue per user] surpassed $20."
The company lifted its full-year outlook, with the midpoint of its new 2019 revenue forecast range at $1.085 billion, up from a previous midpoint of $1.04 billion.
"For 2019, we remain confident in our outlook for reaching over $1 billion in revenue," management explained, "with our raised outlook representing roughly 40% year-over-year growth at the midpoint, up from 36% year-over-year in our prior outlook."
Roku also raised its forecasts for gross profit and adjusted EBITDA.