Shares of streaming giant Netflix, Inc. NFLX, which was trading down over 1% in the early premarket session, have recovered the loss and are now pushing modestly higher.
Los Gatos, California-based Netflix reported second-quarter earnings of $4.88 per share, ahead of the $4.75 per share consensus estimate. Revenue climbed 2% sequentially and 17% year-over-year to $9.73 billion compared to the $9.53 billion consensus estimate.
Second-quarter net adds came in at 8 million versus the estimated 4.9 million.
The company, however, issued a mixed outlook, guiding third-quarter revenue to $9.73 billion compared to the Street estimate of $9.8 billion. The third-quarter earnings per share was guided to $5.10, above the $4.74 estimate. The company said it expects third-quarter net adds to trail the year-ago’s 8.8 million.
Following the results, sell-side analysts largely revised up their price targets for Netflix stock, which apparently explains the stock reversal. Goldman Sachs upped the price target from $650 to $659 and maintained the Neutral rating.
In premarket trading, the stock climbed 0.46% to $646.00, according to Benzinga Pro data.
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