Roku promises cost cuts, sees robust first-quarter revenue; shares jump
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(Reuters) -Roku Inc said on Wednesday that it was keeping a lid on costs and forecast first-quarter revenue above Wall Street estimates, as the company bet on its streaming devices and content platform to drive growth.
Shares of the San Jose, California-based company rose nearly 12% in trading after the bell. The stock, which closed up 12%, had lost nearly a third of its value in the past year but is up 56% so far this year.
Roku, which has benefited from people ditching their traditional cable packages and flocking to subscription-based streaming services, has pushed to put out more original content on its own streaming channel to gain subscribers and advertisers.
After-hours up over 10%