Roku's stock rockets in its Nasdaq debut

Roku Roku TV IPO stock streaming

Like many Silicon Valley tech companies entering the public market, Roku is not profitable.

Shares of Roku rose in their first morning on the market, as the entertainment technology company made its public debut on Thursday. Apple, Amazon, and Google are all selling streaming hardware, and both Amazon and Google have partnered with TV makers to get their software operating systems on brand-new sets.

Roku was one of the first companies to make a device that lets users stream content from Netflix, Hulu, Amazon Prime, and Youtube to their TV sets.

Roku will issue and sell 9 million shares of Class A common stock and the selling stockholders will sell an additional 6,668,000 shares of Class A common stock, totaling 15,668,000 shares in all. (NASDAQ: AMZN)'s Fire TV and Apple Inc.

"They're like the Switzerland of the streaming box world", Dawson said. But the streaming video giant spun off the project in 2007 over fears it would constrain Netflix's growth on other video boxes.

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Roku has also flourished, seeing revenue jump almost 25% in 2016 to $398.6 million, driven mostly by sales of its devices. In 2016, it posted a net loss of $42.8 million compared to a loss of $40.6 million the year before.

At the $14 per share price, Roku's market cap comes in at about $1.3 billion. The company makes streaming sticks that allow you to watch streaming video on your television.

This company connects users to the streaming content, enables content publishers to build and monetize large audiences, and provides advertisers with unique capabilities to engage consumers. This includes ad sales on advertising-supported channels, but also licensing fees, fees for placement in the Roku channel store and more. A cut of subscription revenue from the apps featured on Roku's platform also provides a sizable share of business.

Roku earlier this month broke the news of its IPO in an SEC filing detailing the process. To date it has raised $200 million in funding. It generated revenue of $199.7 million in the first six months of 2017, up 23% from $162.3 million in the same six months of 2016. The reason? Prices for the hardware fell by nearly one-third. "We're seeing a lot of "me too" ideas".

"There's too much money chasing too few good ideas", Smith said. "These big companies are a force to contend with".

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