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Roku Inc, a Fox-backed video streaming firm, announced its quarterly results Thursday.

Brendan McDermid/Reuters

Roku Inc. beat Wall Street estimates for quarterly sales and forecast full-year revenue largely above expectations on Thursday, as the video streaming device maker benefited from the launch of new streaming services, sending its shares up 10%.

The company expects full-year revenue to be in the range of $1.58 billion to $1.62 billion, the midpoint of which is above analysts’ estimate of $1.58 billion, according to IBES data from Refinitiv.

Walt Disney Co streaming platform Disney+ launched in November and reached 10 million sign-ups in its first day, while Apple Inc also introduced its streaming service Apple TV+ in the same month.

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Streaming device makers have benefited alongside streaming service providers like Netflix and Amazon Prime Video as consumers cut the cord to cable or satellite TV and shift to subscription-based streaming services.

Roku has shifted its focus from device sales to advertising, which is now the company’s fastest-growing revenue stream, to tap the jump in number of streaming services providers.

The company charges a commission from media companies that stream programming on the free, ad-supported Roku channel.

Total net revenue jumped about 49% to $411.2 million, beating analysts’ average estimates of $391.6 million.

The company posted net loss attributable to common stockholders of $15.7 million, or 13 cents per share, in the fourth quarter ended Dec. 31, compared with a profit of $6.8 million, or 5 cents per share, a year earlier.

The loss of 13 cents per share matched Wall Street expectations.

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