Tuesday, June 28, 2022
HomeStyleRoku's Stock Surges Following Netflix Acquisition Rumors

Roku’s Stock Surges Following Netflix Acquisition Rumors

Roku -- manufacturers of hardware for video streaming -- has just experienced a stock price increase of roughly ten percent. Brought on by the rumor of an acquisition from Netflix, the stock (ROKU) rose from $93.42 USD a share to a high of $105.10 USD on Wednesday, eventually settling at around $103 USD.

As Fortune reports, the insider trading window was closed weeks ago which is meant to stop insider trading ahead of a big announcement. This move could be Netflix pivoting into new revenue streams by looking into an ad-based model due to a sinking stock price and increased competition.

On top of this potential acquisition, Netflix has also trimmed down operating costs with a layoff of 150 employees in May.

In other tech news, Nothing will unveil its first smartphone in July.

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