Netflix shares hit a record high on Friday, October 18, 2024, giving its investors hope that its upcoming robust content shows will keep the subscribers' growth high.
According to Reuters, the streaming services stocks witnessed a major growth of 10% and are all set to add over $28 billion to the market value of the company of about $295 billion.
The company has earned more than its profit and revenue estimates. It has added over 1 million more subscribers than expected, and it is predicted that the number of subscribers will grow even more by the end of the year as the popular South Korean show Squid Games is making a comeback.
Netflix added 5.1 million new subscribers in the third quarter, which is less than the 8.76 million it gained last year at the same time.
Moreover, Morningstar analyst Matthew Dolgin said, “The third quarter showed the slowdown in subscriber growth that we've been expecting, but Netflix has other areas of opportunity to continue boosting its financial performance.”
Furthermore, Netflix has increased subscription prices in Japan, Africa, the Middle East, and some parts of Europe in recent times, while it is expected that the company will hike prices in Italy, Spain, and the US in the coming days.
To note, this year, Netflix stocks rose to about 41.2%, Warner Bros Discovery 31% and Disney has been up 6.9%
