Roku Inc. (ROKU) shares surged 5.07% during Friday's trading session, signaling a potential turnaround for the streaming technology company. The stock's significant uptick comes amid renewed optimism about Roku's growth prospects, despite its prolonged slump since the pandemic-era peak.

While Roku's stock has been down more than 80% from its 2021 high, the company has continued to grow its top line and improve its bottom line. Roku currently dominates the U.S. streaming device market with a 39% share and has an even stronger presence in Mexico, controlling 74% of the connected TV business. However, the company's core business lies not in device sales but in monetizing its role as a middleman between streaming services and subscribers.

Analysts are now highlighting Roku's significant potential for international expansion, particularly in South America and other overseas markets. The company has recently partnered with TV manufacturers to introduce Roku television sets in Brazil, Colombia, Chile, and Peru. With the global direct streaming business expected to grow at an average annual rate of 24% through 2034, Roku is well-positioned to capitalize on these emerging opportunities. Despite current challenges, some market observers believe Roku's stock has the potential to increase tenfold, making it an attractive option for patient investors willing to wait for the company's growth strategy to unfold.