Netflix’s strong third quarter report had the stock leaping 14% early Thursday, as the expectations-topping results generated a slew of analyst upgrades and price target increases.
Netflix reported net income of $1.67 billion, or $3.73 per share on a 7.8% gain in revenue to $8.54 billion after the market closed Wednesday. The results handily topped analysts’ expectations earnings of $3.46 per share on revenue of $8.53 billion, according to Zacks Investment Research.
The dominant streamer added 8.76 million subscribers during the quarter. reaching 247.15 million globally, in part thanks to crackdown on password sharing. Operating income jumped 25% from last year, to $1.9 billion.
Wall Street cheered the results, sending the stock up $49.14, to $395.33. The stock is up about 34% since the start of the year.
Wells Fargo analyst Steven Cahall, who kept a “Buy” rating an $460 price target on the stock, implying expectations that the shares will rise about 33% within the next 52 weeks. Cahall said in a note to clients...
Netflix reported net income of $1.67 billion, or $3.73 per share on a 7.8% gain in revenue to $8.54 billion after the market closed Wednesday. The results handily topped analysts’ expectations earnings of $3.46 per share on revenue of $8.53 billion, according to Zacks Investment Research.
The dominant streamer added 8.76 million subscribers during the quarter. reaching 247.15 million globally, in part thanks to crackdown on password sharing. Operating income jumped 25% from last year, to $1.9 billion.
Wall Street cheered the results, sending the stock up $49.14, to $395.33. The stock is up about 34% since the start of the year.
Wells Fargo analyst Steven Cahall, who kept a “Buy” rating an $460 price target on the stock, implying expectations that the shares will rise about 33% within the next 52 weeks. Cahall said in a note to clients...
- 10/19/2023
- by Eileen AJ Connelly
- The Wrap
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