Wall Street is definitely tuned into Roku  (ROKU) .

Shares of the streaming service skyrocketed 68% in its first day of trading on Thursday as investors ignored competitive forces such as Alphabet's (GOOGL) Chromecast and Amazon's (AMZN) Fire stick. Shares popped as much as 22% in early trading on Friday.

Shares cooled off on Monday, dropping 10.3%. 

Roku had priced its IPO at $14 per share, the high end of its range. At $23.23, the provider of streaming set-tops and HDMI sticks has an official valuation of about $2.3 billion.

While the company's debut benefited from investors looking for the next great tech IPO in a year of so few, there is indeed a growth story to Roku explained CFO Steve Louden in an interview with TheStreet.

Fueled by rapid cord-cutting, Roku's revenue rose 25% in 2016 and 23% during the first half of 2017 to $199.7 million. However, hardware sales fell 2% during the latter period to $117.3 million. Revenue growth stemmed entirely from a 91% increase in Roku's higher-margin "Platform" revenue. That business, which covers ad sales, software licensing, branded channel buttons on Roku remotes and revenue cuts on subscriptions and on-demand content purchased on Roku devices, increased to $82.4 million.

Roku isn't yet profitable, but has plans to get there quickly via a combination of selling ads on its platform and attracting more overall users, says Louden.

Jim Cramer and the AAP team hold a position in Alphabet for their Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL? Learn more now.

More of What's Trending on TheStreet:

More from Technology

Facebook Employees Are Miserable; Here's Why Investors Need to Pay Attention

Facebook Employees Are Miserable; Here's Why Investors Need to Pay Attention

Alphabet's Waymo Is Moving Toward Self-Driving Semi Trucks

Alphabet's Waymo Is Moving Toward Self-Driving Semi Trucks

Elon Musk May Shift Down Role at Tesla, Analyst Says

Elon Musk May Shift Down Role at Tesla, Analyst Says

Uber Reportedly Files For IPO

Uber Reportedly Files For IPO

Facebook Could See More Volatility -- How to Own the Stock

Facebook Could See More Volatility -- How to Own the Stock