Why Netflix Stock Dropped 8.4% On Thursday
Shares of Netflix (NASDAQ: NFLX) closed Thursday's trading session 8.4% lower, according to data provided by S&P Global Market Intelligence, after the streaming media leader announced mixed second-quarter 2023 results and light forward guidance.
On one hand, Netflix's revenue climbed a modest 2.7% year over year (or 6% at constant currency) to $8.19 billion, falling short of analysts' consensus estimates for $8.3 billion. On the other hand, Netflix's earnings climbed 2.8% year over year to $3.29 per share, handily outpacing expectations calling for a modest decline in earnings to $2.86 per share.
Netflix management also confirmed the company added an impressive 5.9 million net new subscribers in the quarter -- more than twice the total forecasted by the company three months ago -- helped by its rollout of paid sharing to over 100 countries.
Source Fool.com
Netflix Inc. Stock
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With a target price of 609 € there is a slightly positive potential of 4.08% for Netflix Inc. compared to the current price of 585.1 €.
