Why Netflix Stock Jumped This Week
Week to date, shares of Netflix (NASDAQ: NFLX) were up more than 24% as of 12:17 p.m. ET on Friday, according to data provided by S&P Global Market Intelligence. The streaming leader posted its first quarter of subscriber growth since the fourth quarter of last year.
After the company posted a surprise subscriber loss in the first quarter, the stock hit a 52-week low of $162 in May. The stock has recovered sharply off those lows, trading at $286 at the time of writing. Year to date, the stock is still down 52%, but market sentiment has completely changed for the better in the last week.
Netflix delivered paid net subscriber additions of 2.41 million, beating management's guidance of 1 million. With a full slate of new releases hitting the service over the last few months, management bragged that it had the highest engagement compared to other streaming services in the quarter.
Source Fool.com
