It was a good start to this critical earnings season if you're a (NASDAQ: NFLX) shareholder. Shares of the streaming service soared after a blowout financial update shortly after Tuesday's close. Netflix hit levels it hasn't reached in 24 months. But history can be cruel.

The last time Netflix stock traded this high -- two years ago -- it plummeted 70% over the next four months. Did it do enough this time to make sure things can be different this time? Let's go over some of the reasons the stock is moving higher after this week's fourth-quarter report. Let's also see if it's enough to keep the rally going.

Founder and longtime helmsman Reed Hastings stepped down in January of last year. It was part of a calculated retreat from the corner office. He had promoted programming and content guru Ted Sarandos to serve as co-CEO in the summer of 2020. It was time to move on.

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Source Fool.com