Why Netflix Stock Rose Last Month
Shares of streaming video veteran Netflix (NASDAQ: NFLX) rose 1.8% in March, according to data from S&P Global Market Intelligence. That's actually a significant return in a month where the S&P 500 sank 12.5%. Netflix's stock followed the market lower in the early days of the coronavirus crisis, then took a sharp turn upward when it became clear that people around the world would have a lot of time to spend with their Netflix accounts for the next few weeks or months.
With millions of people stuck at home, online entertainment services like Netflix are in the global spotlight right now. Market tracker Comscore says that daytime TV viewing is up 10% year over year in North America. Analytics firms Apptopia and Braze said that consumers installed a market-leading 59 million Netflix apps in the first quarter. As a reminder, Netflix had 167 million global subscribers at the end of Q4, aiming to add 7 million more in the first quarter. Nobody expects 59 million new accounts here -- a single Netflix household is likely to install the app on several devices, after all -- but all signs point to an impressive round of subscriber additions when the company reports its Q1 results on April 21.
Image source: Netflix.
Source Fool.com
