Netflix stock rallied over 11% on Friday after the company beat Wall Street expectations for its third quarter of 2024.
The company reported a 41% year-over-year increase in profit and 15% increase in revenue during the quarter as it added 5.07 million subscribers and continued to make progress in scaling its ad tier, with the offering’s member base growing 35% quarter over quarter.
Shares of the streamer, which are up more than 120% in the past year, closed at $763.89 on Friday – just shy of its 52-week high
Bank of America analyst Jessica Reif Ehrlich reiterated her buy rating on Netflix and upped her price target to $800 per share, calling it “one of the best-positioned companies within media,” citing its accelerating ads business as well as its gaming, live and sports businesses as drivers of future growth.