After booming IPO, Roku thinks this is the future of the company

The company that started as a secret Netflix Inc. NFLX, +0.12% project to build hardware that could stream media to televisions no longer thinks those gadgets are the key to its Wall Street success.

Roku Inc. ROKU, +17.15% made its debut Thursday after raking in at least $219 million in an initial public offering that valued the company at roughly $1.3 billion, and shares zoomed nearly 68% higher than the $14 IPO price to close at $23.50. In morning trading Friday, shares jumped again to more than double the IPO price, suggesting investors have taken to the company even after it failed to raise private capital at a $1.5 billion valuation earlier this year.

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