Media stocks popped Thursday as 30% rally lifted the entire sector.
Wall Street celebrated the streaming device company's , in which Roku reported strong trends in content distribution and advertising as well as uptake of its Roku-branded TVs.
and both closed up about 10% Thursday. shares closed up nearly 3% following news of the
and both rose more than 1% Thursday.
Roku, known for its plug-in streaming device players, provides users access to . The company's active accounts for the third quarter beat analysts' estimates, coming in at 75.8 million, compared to the 75.33 million Wall Street expected, according to StreetAccount.
Strong usership for Roku means more points of access for subscribers to Paramount+, Max, Netflix, Peacock and other streaming services.
The positive results follow something of a change of pace for the streaming industry after a period of uncertain subscriber growth.
Netflix reported a surprise jump in subscribers in its last month, driven largely by its ad-supported subscription tier. The company said Wednesday that its ad-supported tier has , tripling its previously announced total of five million in May.
Paramount reports its quarterly earnings report after the market close Thursday. Warner Bros. Discovery and Disney each report next week.
Disclosure: Comcast's NBCUniversal is the parent company of CNBC.
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