Netflix, Inc. The world-famous streaming company crushed its earning expectations after it reported its earnings on 18 Oct after the market closed.
The company posted an EPS of $3.10 vs $2.13 per share
Revenues were $7.93 Billion vs $7.83 Billion
Netflix added 2.41 million subscribers vs 1.09 million
The stock was up 14% after hours after it closed on Tuesday. This has been a rough year for Netflix as well, the stock is down a massive 60% YTD thanks to poor earnings in the previous quarter and the recent market downfalls. It was down 65% from its all-time high in October 2021.
This surely brings in more investor confidence, both in the markets and the company as well. The Dow and Nasdaq futures shot up as much as 2% following the company’s reports. This week has started off well for investors and they hope it remains the same. Other big tech companies like Tesla, Apple, and Alphabet report their earnings in a few days as well. These crucial days could set the tone for the markets for the rest of the week and even a few months to come.
Netflix has done its job, now it’s on Tesla, Apple, and other tech giants as investors and institutions hope that the markets recover from the previous losses.