Los Angeles, CA (Variety) — Netflix is benefiting from Wall Street enthusiasm in the time of “quarantine and chill.”
Shares of the streaming leader rallied to approach their all-time high Tuesday, as investors have elevated expectations for how the COVID-19 pandemic has likely increased Netflix's subscriber signups at the tail end of the first quarter.
Netflix's stock closed Tuesday at $413.55 per share, up 4.2% for the day, giving it a market capitalization of over $181 billion. It's the highest price for the company's shares since July 2018; Netflix's all-time high closing stock price was $418.97 per share, coming on July 9, 2018. Year to date in 2020, Netflix stock has increased nearly 28%
Netflix is scheduled to report Q1 2020 earnings next Tuesday, April 21, after market close. The company has forecast total paid net adds of 7.0 million worldwide — but many analysts expect Netflix to gain more than that with much of the U.S. and other countries under stay-at-home orders.
In a research note earlier this week, Evercore ISI analysts cited downloads of Netflix's app rising 57% year-over-year in March 2020. “This data set alone suggests that Netflix is pacing towards about 8.5 million international paid net additions” … — Todd Spangler/@Variety