Netflix will announce its results after the close. The expectations concern:
- Earnings per share (EPS): Expected at $4.52.
- Income: Estimated at $9.28 billion.
- Total memberships: Expected to reach 264.21 million.
Netflix is transitioning from targeting subscription growth to a profit-first model. As such, they announced price increases: thereby enforcing their password sharing policies. It also explores ad-supported subscriptions, video games and live sports streaming.
Netflix shares are trading down $2 or -0.32% at $611.72 pre-earnings. The price at the end of 2023 was $486.88. The price is up about 25% for the year. Its all-time highest price reached $700.99 in November 2021. The highest price this year stands at $639.
In 2023, the stock price increased by 65.11%.
Looking at the daily chart below, price turns profitable after testing trendline support AND its 50-day moving average today (black MA line). A move below these levels opens the door for further downward corrective analysis. The 38.2% comes to $571.33. A move to this level would imply a drop of 6.5% from current levels. In the event of a rise, traders would look for the year’s high at $639. This would imply a gain of around 4.35% from current levels.
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