Benchmark Sees Minimal Impact From Netflix's Operations Suspension In Russia

Benchmark analyst Matthew Harrigan does not consider Netflix Inc's NFLX suspension of operations in Russia a significant blow to the streaming giant's overall business.
There is "a clear crisis fallout" that could affect Netflix's stock valuation and international growth numbers, but its Russian subscriber base is paltry compared to other countries and regions.
"The isolated financial effect is minimal," Harrigan said, noting that "less than an estimated 1 million of [Netflix's] 222 million [subscribers] reside in the Russian Federation."
Harrigan remained "bullish" on the global direct-to-consumer streaming TV market.
However, Harrigan acknowledged that Netflix's strong position in the streaming TV market was vulnerable to the growing competition.
Price Action: NFLX shares traded lower by 0.73% at $359.08 on the last check Monday.