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Netflix’s total paid subscribers hits an all-time high – the shares are rising

24 January 2024 By Klavs Valters

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American online streaming service company, Netflix Inc. (NASDAQ: NFLX), released its latest financial results for Q4 of 2023 after the market closed on Tuesday.

Netflix reported revenue of $8.833 billion for the quarter (up by 12.5% year-over-year) vs. $8.723 billion expected.

Earnings per share reported at $2.11 per share, falling short of Wall Street estimate of $2.219 per share.

The company added 13.1 million new paid subscribers in Q4 2023 vs. 8.97 million subscribers expected – the largest Q4 subscriber growth ever.

Total number of paid subscribers has now reached 260.8 million – a new record. It looks like company’s crackdown on password sharing is paying off.

Company overview

  • Founded: 1997
  • Headquarters: Los Gatos, California, United States
  • Number of employees: 12,800 (2022)
  • Industry: Media, Entertainment
  • Key people: Reed Hastings (executive chairman), Ted Sarandos (co-CEO), Greg Peters (co-CEO)

Stock reaction

Shares were up by 1.33% at the end of trading day before the latest results were announced at $492.19 a share.

The stock rose by around 7% in after-hours trading as Wall Street digested company’s performance in Q4 2023.

Stock performance

  • 5 day: +2.28%
  • 1 month: +0.20%
  • 3 months: +18.96%
  • Year-to-date: +1.09%
  • 1 year: +35.28%

Netflix stock price targets

  • Benchmark: $425
  • UBS Group: $560
  • Piper Sandler: $475
  • KeyCorp: 545
  • Bank of America: $585
  • Oppenheimer: $600
  • Citigroup: $500
  • BMO Capital Markets: $566
  • The Goldman Sachs Group: $500
  • DZ Bank: $495
  • Wedbush: $525
  • Morgan Stanley: $550

Netflix Inc. is the 49th largest company in the world with a market cap of $215.42 billion.

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  • Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
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Sources: Netflix Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.

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