Netflix Just Had a Great Q1. Is the Stock Getting Too Expensive?
The COVID-19 pandemic has altered habits and routines like never before. With strict lockdowns in place all across the world and air travel severely curtailed, most people are stuck at home hunkering down while authorities scramble to contain the virus.
For companies such as Netflix (NASDAQ: NFLX), the current crisis has been a boon for business. The video-streaming, subscription-based media company reported a record 15.77 million net additions during its first-quarter fiscal year 2020 earnings report, significantly higher than the 9.6 million added in the same period last year. Revenue grew 27.6% year over year while net income more than doubled from $344 million to $709 million.
It seems Netflix is on a roll as it adds a whole new chunk of subscribers who are forced to stay home and have nothing better to do than binge-watch television. The stock is up nearly 29% year to date.
Source Fool.com
