NFLX - Can Netflix Stock Hit a New All-Time High Next Week?
2024-07-12 10:15:00 ET
Investors are binging on Netflix (NASDAQ: NFLX) these days. Shares of the globally popular streaming service have risen 34% this year, and Netflix can move even higher if it delivers blowout financial results next week.
Netflix is now a 7% gain away from taking out the all-time highs it hit when the shares briefly topped $700 in late 2021. A strong second quarter after the market close on Thursday will help the premium streaming pioneer get there. Naturally, the stock can also fall sharply if next week's update fails to impress the market as one of the early reporters this earnings season. Like a good Netflix series between gripping episodes, there's nothing like a good cliffhanger to keep audiences engaged.
Netflix set the bar high when it initiated guidance for the second quarter three months ago. Its take for the reporting period back in mid-April called for a record $9.491 billion in revenue. This translates into a 16% year-over-year increase for Netflix, its biggest percentage jump since the fourth quarter of 2021. Is it a coincidence that it was also during that same reporting period nearly three years ago that Netflix hit its all-time high, or is it just cinematic poetry? The market will find out soon enough.
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Can Netflix Stock Hit a New All-Time High Next Week?