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.
See Also: Best Communication Services Stocks
Image via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
