Netflix shares rallied on Wednesday. Photo: Andras Kralla
Shares of Netflix (NFLX) rose as much as 14% on Wednesday after the streaming giant reported strong fourth-quarter results that saw the company add more than 13 million subscribers and profit of $8.8 billion.
Netflix’s fourth-quarter profit beat analysts’ expectations and reached $8.83 billion, which was 12.5% higher than the same period last year. The news was well received on Wall Street and analysts raised their price targets. “In any case, Netflix is doing great,” wrote MoffettNathanson analyst Michael Nathanson, who raised his price target by $35 to $475. The company’s success is due, among other things, to well-priced advertising and rapid growth in emerging markets.
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2024-01-24 17:53:00
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