Roku continued its recent momentum by reporting fourth-quarter results that beat Wall Street expectations and validated its recent strategic shifts.

Earnings per share came in at 5 cents, which was a dip from 6 cents in the year-earlier quarter, but well ahead of analysts’ consensus forecast for 3 cents.

Total revenue climbed 46% to $275.7 million, exceeding the consensus estimate of $262.1 million. Average revenue per user for all of 2018, on a trailing 12-month basis, soared to $17.95 from $4.17.

The company said the number of streaming hours using Roku technology reached 7.3 billion in the quarter, up 69% from the same period in 2017, and the company claimed 27.1 active accounts as of the end of December. In just the last 18 months, Roku users streamed more than they did in the prior nine years of the company’s history.

The company is forecasting $1 billion in total revenue in 2019, which would be a 36% gain over 2018. Platform revenue is expected to take up roughly two-thirds of all revenue.

Roku shares have gained more than 60% in 2019 to date as investors recognize the strides made by the independent company. They dropped 4% today to close at $51.48, but rose after hours on the upbeat earnings news.

After beginning as a manufacturer of streaming boxes and dongles, Roku is now focused on ventures such as the Roku Channel, a clearinghouse for subscription services akin to Amazon Channels, and advertising and licensing efforts.

The company is forecasting $1 billion in total revenue in 2019, which would be a 36% gain over 2018. Platform revenue is expected to take up roughly two-thirds of all revenue.

“While our growth has been impressive, we believe we are still only beginning to capitalize on the large opportunity streaming presents,” founder and CEO Anthony Wood and CFO Steve Louden wrote in a letter to shareholders.