Netflix's Stellar Earnings Report Ignites A Remarkable 16% Surge In Stock Value - A Deep Dive Into The Streaming Giant's Triumph
Portfolio Pulse from Zaheer Anwari
Netflix's stock surged by 16% following a significant growth in its subscriber base, driven by the introduction of an ad-supported tier which led to a 70% spike in subscriptions. The company's Q3 earnings exceeded expectations, reaching $3.73 per share against the estimated $3.49. Despite a previous decline, the stock price soared above the $400 resistance level. However, it still needs to surpass the $423 level, a key resistance since June 2018.
October 24, 2023 | 3:31 pm
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Netflix's stock surged by 16% due to a significant increase in its subscriber base and better-than-expected Q3 earnings. The stock price crossed the $400 resistance level, but it still needs to surpass the $423 level.
The surge in Netflix's stock price is directly linked to the company's impressive subscriber growth and better-than-expected Q3 earnings. The introduction of an ad-supported tier led to a 70% spike in subscriptions, which positively impacted the company's earnings. The stock price managed to cross the $400 resistance level, but it still needs to surpass the $423 level, which has been a key resistance since June 2018.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100