Supported by A Sharp Surge in Earnings, Shares of Netfix Reverse Higher
Shares of Netflix added 1.43% in post market trading, reversing higher after a 4-percent loss following a quarterly report that showed the streaming giant added fewer subscribers than expected during the first quarter.
Netflix was firstly weighed down by data that showed the company added 5.0 million subscribers during the quarter, which was lower than both analysts’ expectation of 5.3 million new subscribers and Netflix’s guidance for 5.2 million net adds.
However, shares regained its strength thanks to upbeat earnings. The company said its bottom line rose to $178 million, or $0.40 per share, a rise of more than 600% compared to $28 million, or $0.06 per share, in last year’s first quarter.
Revenue for the quarter was also reported to rise, jumping 34.7% to $2.64 billion from $1.96 billion last year.
Buy Stop at 149.50, Take profit 152.50, Stop loss at 148.00