Netflix is benefiting from Wall Street enthusiasm in the time of “quarantine and chill.” Shares of the streaming leader rallied near their all-time high Tuesday, as investors have high …
Shares of the streaming leader rallied near their all-time high Tuesday, as investors have high expectations for how the COVID-19 pandemic has likely increased Netflix’s subscriber enrollments 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 mark 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. 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.
Investors see Netflix as relatively virus-proof, with virtually no exposure to pandemic-related revenue declines. Streaming has boomed during the quarantine, with U.S. viewing of internet video on TVs up a whopping 109% in March 2020, according to Nielsen data.
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