Netflix (NASDAQ: NFLX) is the world's largest streaming platform for TV shows and films by number of subscribers and by share of television viewing time. The company just reported its financial results for the second quarter of 2024 (ended June 30), and it extended its lead over its competitors on both fronts.

However, Netflix has still only scratched the surface of its addressable market, which means its stock could represent a significant long-term opportunity for investors. Here's why investors with $650 in idle cash (money they don't need for immediate expenses) might want to allocate it to one share of Netflix.

Wall Street analysts went into Netflix's second-quarter report expecting to see 4.7 million new subscribers. The company blew that out of the water by adding more than 8 million, taking its total to 277.6 million. On a year-over-year basis, that total represented 16.5% growth, which was the fastest pace in three and a half years, and it marked the sixth consecutive quarter of acceleration.

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Source Fool.com