Top streaming video platform company Roku (ROKU 0.91%) wasn't tops for investors on Thursday. Although the company had some ostensibly investor-pleasing news to report about a major market abroad, its shares couldn't escape the day's tech stock sell-off. As a result, they ended the day only marginally higher.
Roku's good news, announced Thursday morning, is that Roku TVs are about to hit the market in Germany. This deepens the company's involvement in the large and relatively wealthy European country, and follows the rollout of its set-top devices last year.
As the name implies, Roku TVs are devices packed with the company's channel-agnostic streaming video operating system. Roku's first two hardware partners in Germany are Metz blue and TCL. Although the company touted Thursday as the official launch day for Roku TVs in the country, it admitted that they aren't yet on the market. The company said they will be available for purchase in October.
This is a good step for the company, as the German market is large, generally tech-savvy, and as eager to consume streaming video as customers elsewhere in the world. It's always encouraging when a business expands its footprint within such a promising base of potential users.
The German push is likely what saved Roku's stock from sinking on Thursday. Other tech titles weren't as lucky, as investors continue to be fairly cold on them due to concerns about the global economy and supply chain. Perhaps, though, this provides a fine "buy-on-weakness" opportunity for the tirelessly expanding Roku.