Aubrey Plaza and Sam Smith laughed up a ratings record for Season 48 of Saturday Night Live.
21.01.2023 - 02:13 / deadline.com
Netflix stock closed the week at its highest level since last April, rising more than 8% Friday to end at $342.50 after the company reported strong subscriber growth and executed a smooth handoff atop its executive ranks.
A darling of investors for most of its two-plus decades of public trading, Netflix stock appears to have its mojo back and has already risen 15% since 2023 began.
The catalyst for today’s upswing, which came amid nearly triple the stock’s normal trading volume, was Thursday’s fourth-quarter earnings report. The company said it added almost 7.7 million global subscribers in the period, reaching 230.75 million, far exceeding analysts’ consensus forecast. Beyond the subscriber tally, the results were more mixed, with revenue inching up just 2% and earnings per share missing estimates by a large margin. Still, not only is the company growing again, but it pulled an anti-Disney, announcing in the earnings release that co-founder Reed Hastings has handed off his Co-CEO title to longtime exec Greg Peters, who shares it with Ted Sarandos. Hastings is now executive chairman.
Many Wall Street analysts raised their price targets on the shares after the earnings and executive comments. Reaction by investors was almost the mirror-opposite of the one after two dismal quarterly reports early in 2022.
“Netflix represents a frankly unique tech growth story and remains well positioned to generate solid subscriber and revenue/free cash flow growth even given the reasonably high chance of a global recessionary environment,” wrote Pivotal Research’s Jeffrey Wlodarczak in a note to clients. As far as the change in leadership, “We don’t love that Reed H. is stepping back to a more strategic role,” but he added that the
Aubrey Plaza and Sam Smith laughed up a ratings record for Season 48 of Saturday Night Live.
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