NFLX - Netflix Is Soaring. Could This Streaming Stock Be Next?
2023-10-21 09:30:00 ET
Netflix (NASDAQ: NFLX) is back from the dead. The streaming stock surged Thursday after it delivered blowout subscriber growth in its third-quarter earnings report, boosted by its paid-sharing program. It also announced another price increase in the U.S., U.K., and France.
The leading streaming service added nearly 9 million new subscribers in the third quarter and said it would see similar subscriber growth in the fourth quarter. That pace represented its fastest rate of growth since the pandemic and helped to dispel the notion that the company was done growing after it reported two straight quarters of subscriber losses last year.
The result seems to show there's still ample demand for streaming, even as growth in the industry has sputtered. Other streaming stocks mostly moved higher Thursday, modest consolation for a dismal year in the industry that's seen aggressive spending cuts at legacy companies, price hikes, and two strikes that have shut down Hollywood for nearly six months.
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Netflix Is Soaring. Could This Streaming Stock Be Next?