Netflix: shares up as Wall Street cheers record subscribers
(CercleFinance.com) - Netflix shares rose on Wednesday, after the company added a record number of new subscribers in the past quarter.
The video streaming platform said that it added 9.6 million new subscribers in the first three months of the year, of which 1.7 million in the US and 7.9 million internationally, up 16% y-o-y, and representing a new quarterly record.
Credit Suisse raised its target price from 440 dollars to 450 dollars after the report.
While first-quarter results surpassed guidance and expectations, Netflix gave a rather cautious outlook for the months ahead.
For the second quarter, Netflix said it expected to add 5 million subscribers, which represents a drop of 8% year-on-year.
"The second quarter is being impacted by price increases in Mexico, Brazil, and Germany, among others," analysts at Credit Suisse reacted.
The company's shares were up 1.7% at 365.1 dollars in early morning trading. They have risen by about 36% year-to-date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.