Roku’s jump added about $500 million to its market value, making it now worth $7.5 billion. For the last year, Roku’s shares are up 114 percent.
Roku CEO Anthony Wood was spotted on Apple’s campus in Cupertino, Calif. Monday, where Apple is expected to unveil its new streaming TV service. On face value, the service seems like it could compete with Roku’s own business, which offers smart TVs and other devices that let users stream over-the-top content. But Wood’s presence at the event suggests the two companies may be working together.
Apple has been in talks with Roku and other platforms about hosting its TV app, The Wall Street Journal reported, adding that these agreements are expected to be announced Monday.
Analysts will be closely watching Apple’s event at 1 p.m. Eastern to see if Roku will play a role in Apple’s new streaming service.