Why Netflix Stock Jumped 5.3% in September
Shares of streaming titan Netflix (NASDAQ: NFLX) climbed 5.3% in September, according to data provided by S&P Global Market Intelligence. Rallying investors seem increasingly convinced in the profitability of the company's coming ad-supported tier, as last month saw multiple analysts upgrade its stock and Netflix brought on new talent to help guide its venture into advertising.
At the start of September, news broke that Netflix had poached two top executives from social media behemoth Snap (NYSE: SNAP). Snap's former chief business officer Jeremi Gorman became Netflix's president of worldwide advertising, while its vice president of sales for North America, Peter Naylor, started as the streaming giant's vice president of ad sales.
The Wall Street Journal noted that both executives are "well regarded among advertisers and ad buyers." As a result, the promising hires proved a positive start to the month as analysts grew increasingly confident about Netflix's long-term prospects.
Source Fool.com
