By Tali Arbel, Technology Writer
NEW YORK (AP) --Shares of Roku, an early player in streaming-video gadgets, soared Thursday after its initial public offering of stock raised $219 million.
The shares priced at $14 each, the top of the company's expected range, suggesting strong demand from investors and valuing the company at $1.3 billion. The shares rocketed almost 68 percent Thursday, closing the day at their peak of $23.50.
The Los Gatos, California, company is known for its boxes and sticks that let users watch Netflix, Hulu and the growing universe of streaming-video options on their TVs. It has the biggest share of the streaming-gadget market, but has deep-pocketed competitors in Amazon, Google and Apple.
Most of Roku's revenue comes from sales of its streaming players, but it's seeking to capitalize on its "platform" by building its business of showing ads to users, whether on its home screen or inside video apps.
The company is unprofitable and has amassed $244 million in losses since it was founded in 2002.
Taylor Swift endorses Kamala Harris for president after debate ends
WASHINGTON (AP)--Taylor Swift, one of the music industry's biggest stars, endorsed Kamala Harris for president shortly after the debate ended on Tuesday night. "I think she is a steady-handed, gifted leader and I believe we can accomplish so much more in this country if we are led by calm and not chaos," Swift wrote in an Instagram post, which included a link to a voter registration website. Swift has a dedicated following among young women, a key demographic in the November election, and her latest tour has generated more than $1 billion in ticket sales. In a half hour, the post received more than 2.3 million likes. She included a picture of herself holding her cat Benjamin Button, and she signed the message "Childless Cat Lady." The remark is a reference to three-year-old comments made by JD Vance, Donald Trump's running mate, about women without children not having an equal stake in the country's future. Swift wrote that her endorsement was partially prompted by Trump's decision to post AI-generated pictures suggesting that she had endorsed him. One showed Swift dressed as Uncle Sam, and the text said "Taylor wants YOU to VOTE for DONALD TRUMP." Trump's posts "brought me to the conclusion that I need to be very transparent about my actual plans for this election as a voter," Swift wrote. She added that "I've done my research, and I've made my choice." The Trump campaign dismissed Swift's endorsement. "This is further evidence that the Democrat Party has unfortunately become a party of the wealthy elites," said spokesperson Karoline Leavitt. "There's many Swifties for Trump out there in America," she said, herself included. Swift's endorsement was not exactly a surprise. In 2020, she supported President Joe Biden, and she... Read More