Roku CEO: Shift to streaming is accelerating

Cord-cutting continues to accelerate as companies such as Disney and AT&T prepare to launch streaming services. And Wall Street investors are betting that Roku will benefit from the trend. Roku’s stock is on track to hit an all-time high Thursday.

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Roku CEO Anthony Wood tells Fox Business’ Stuart Varney that his company is excited about Disney’s new streaming service, which is expected to launch in November.

TickerSecurityLastChangeChange %
ROKUROKU INC87.45-2.30-2.56%
DISWALT DISNEY COMPANY96.40-8.96-8.50%
TAT&T INC.29.84-0.76-2.48%

“People are cutting the cord more. You have all these big, new services. It’s really driving our business and I think it’s great for consumers. They have a lot more choice now.”

According to Wood, the increase in smart TV sales also provides a big opportunity for his company.

“In fact, in smart TVs in the United States, Roku just became last quarter the number one streaming OS in the market.  Now if you buy a smart TV today in the United States, one out of three of those TVs are Roku TVs … We just passed Samsung.”

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Roku released its latest earnings report Wednesday after the market closed. The company lifted its outlook for 2019 after revealing that its net revenue surged more than 50 percent compared to a year ago. The number of active Roku accounts also increased by 2 million during the quarter.