(Photo courtesy of Variety)
Netflix Inc. will on Tuesday inform investors on how the ongoing COVID-19 pandemic affected membership in the third quarter – a period when analysts remain bullish on the company despite the return of live sports and more streaming competition.
Shares of the online video pioneer, trading close to an all-time high at $530.79 on Friday, have jumped more than 75% since mid-March, when governments around the world imposed stay-at-home orders to help slow the spread of the novel coronavirus. During the same time, the S&P 500 has gained 44.8%.
In July, Netflix forecast it would add 2.5 million new paid streaming customers globally between July and September, based on the expectation that its strong first-half performance – in which it added almost 26 million subscribers – likely pulled forward some demand from the second half of the year.
As of Oct. 18, analysts were forecasting Netflix third-quarter profit of $968.6 million on revenue of $6.38 billion.