The wins are stacking nicely. BMR stocks that reported this week are up a net 2.6%. While investor response hasn't been perfect, we're confident that the laggards will soon recover their bearings while the leaders keep rallying.
We're still pondering the results from AstraZeneca (AZN: $49, flat this week) this morning but there's no arguing when it comes to Roku (ROKU: $139, up 12% and then rocketing within sight of $150 overnight). The numbers here were truly great. Three months ago, management wasn't willing to even speculate about revenue coming in above $396 million. They gave us $411 million, turning what we thought would be a 40% sales curve into something a lot closer to 50% growth.
All the internal metrics added up better than anyone expected. Platform Revenue is the key to the business plan because it accounts for advertising, carriage fees and other cash flow independent of hardware sales. Roku is a lot more than the Roku Stick that plugs into your living room TV. The Platform now contributes more than 65% of the overall top line. And reading between the lines, management thought they could book at best $250 million in Platform Revenue. They ended up with $259 million.
The Platform is growing faster than we suspected, up $80 million from the previous quarter. It's still profoundly profitable, running at a gross margin above 60%. That makes it worthwhile for Roku to literally give the Stick away at below what it costs to manufacture the device. The company sold about 4 million devices last quarter and didn't even break even. We don't mind. Expanding the audience helps keep Platform Revenue flowing. Roku made $1.50 every month from each subscriber. With close to 37 million subscribers, management could stop selling Sticks any time now and generate sustainable profit.
They don't choose to. Management is confident that they'll expand the audience by another 4 million people this year, which will be enough to take 2020 revenue above our $1.6 billion target. And once those people are watching Streaming Video on Roku devices, the revenue will flow in perpetuity. This is a company that only goes up from here. Whether investors recognize that in the short term or not, we don't mind. BMR subscribers have already made 300% here. There's more to come.
Alteryx (AYX: $144, up 5%) did a slightly smaller victory lap overnight but the numbers were equally constructive. Revenue of $156 million was a big beat (we only needed to see $130 million) and $30 million of that money turned into profit. We were only expecting $0.29 per share. Alteryx delivered $0.44.
Guidance was well ahead of our projections. Management is targeting about $560 million in revenue this year, nearly 8% above our forecast, and that should translate into the $0.80 per share in profit we wanted. Let's see where it goes before we raise our Price Target.