Categories LATEST, Technology

Stranger Things season 3 is driving Netflix stock

Netflix (NASDAQ: NFLX) is proving time and again why it is the best at original content streaming. In yet another show of success, the company announced late on Monday record viewership for the third and latest season of science fiction horror web series Stranger Things.

On its official Twitter account, the Los Gatos, California-based firm said, “40.7 million household accounts have been watching the show since its July 4 global launch — more than any other film or series in its first four days. And 18.2 million have already finished the entire season.”

stranger things netflix

The previous season of the show, created by the Duffer Brothers, had only about 15 million viewers in the first three days.  

The record-breaking viewership resonated in the stock market as well, with NFLX stock climbing almost 2% on Tuesday. Netflix shares have gained 43% since the beginning of this year.

The announcement was followed by an optimistic note by Justin Patterson of Raymond James, who said the viewership accounts for 26% of the streaming service’s overall paid subscriber base.      

READ: Has Roku run out of its firepower? Not necessarily

“As the content breadth and quality improve and drive more engagement, we see further pricing upside,” he added.

In general, the market is highly optimistic on the stock, with 24 out of 30 analysts recommending Buy. The stock has a 12-month average price target of $422.32, suggesting a 12% upside from the last close.

The streaming giant is slated to report second-quarter financial results on July 17, Wednesday.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Infographic: How Starbucks (SBUX) performed in Q1 2023

Starbucks Corporation (NASDAQ: SBUX) reported first quarter 2023 earnings results today. Consolidated net revenues increased 8% year-over-year to $8.7 billion, in line with projections.   Global comparable store sales increased

Earnings: Google parent Alphabet (GOOG, GOOGL) reports lower Q4 profit

Alphabet Inc. (NASDAQ: GOOGL, GOOG) on Thursday reported a 1% increase in fourth-quarter 2022 revenues, with strong contributions from the cloud business. The company, which owns the largest internet search

HOG Earnings: Key quarterly highlights from Harley-Davidson’s Q4 2022 financial results

Harley-Davidson, Inc. (NYSE: HOG) reported fourth quarter 2022 earnings results today. Revenue increased 12% year-over-year to $1.14 billion. Net income attributable to Harley-Davidson, Inc. rose 94% YoY to $42 million,

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top