Wall Street Gushes Over Netflix Earnings, Putting Its Shares On Track For Biggest One-Day Gain Since January 2021
deadline.comNetflix shares have come roaring out of the gate, rising 15% on a wave of Wall Street enthusiasm about its latest quarterly earnings report.
The streaming giant soared above analysts’ expectations for third-quarter subscriber gains and earnings, and also reported a surge in free cash flow and signs of growth in its nascent advertising business.
At mid-day, shares were at $398, with trading volume at more than three times normal levels. The upturn has come against a muted backdrop for the broader markets and a mixed bag so far for media and tech stocks.
Laurent Yoon, an analyst with Bernstein, spoke for many in his note to clients. “They crushed it,” he wrote. “The management deserves an Emmy for managing investor expectations.” Yoon maintains a “market perform” (neutral) rating on the stock, however, so he included a caveat.
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