Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022.
REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsLOS ANGELES Oct 19 (Reuters) - Streaming pioneer Netflix (NFLX.O) showed resilience by gaining more quarterly subscribers than in the past three years despite strikes by Hollywood's writers and actors, sending its shares up 13.5% in premarket trading on Thursday.
Shares rose to $393.45 in an indication that the company was set to add nearly $21 billion to its market capitalization.
"The management deserves an Emmy for managing investor expectations," Bernstein analysts wrote in a note, adding that paid-sharing has opened up a bigger-than-expected market of potential subscribers for Netflix.
"Due to its large international presence, Netflix is positioned better than most entertainment companies in plugging programming gaps from the writers' and actors' strikes," said Insider Intelligence principal analyst Ross Benes.
Persons:
Dado, Bernstein, Walt Disney, Ross Benes, Benes, Ted Sarandos, Sarandos, Sophie Lund, Yates, Hargreaves Lansdown, Dawn Chmielewski, Lisa Richwine, Chavi Mehta, Gerry Doyle, Arun Koyyur
Organizations:
Netflix, REUTERS, Paramount Global, Warner Bros Discovery, Writers Guild of America, Intelligence, vise, Netflix's U.S, USA Network, Thomson
Locations:
Los Angeles, Bengaluru