Fast Money Blog- 10/18/24

It was a volatile week on Wall Street, particularly for the chip sector, but this was overshadowed by spectacular earnings from Netflix, sending the stock soaring to a record high.

On Thursday, October 17th, Netflix, Inc. (NFLX) released its Q3 2024 earnings.  Top-line revenue came in at $9.8 billion, up 15% year-over-year.  Programming content, including several new hit series and the addition of live sporting events were responsible for the growth.

Advertising-supported memberships grew 35% year-over-year during the quarter.  The company also stated that in markets where its advertising tier is available, that plan makes up over 50% of all signups.

Global paid memberships rose 15% year over year to 278 million, as Netflix added 5 million new paid subscribers.

The company also stated that they expect their upcoming Q4 earnings to be robust, as Squid Game, its most-watched series ever, will be returning as well as more live sports programming.

NFLX is still the recipient of global growth and I see their revenue continuing to grow. Clearly they will continue to be the leader in original program streaming for the next few years.

While everyone else is focused on AI stocks I strongly recommend as a member of the Wealthy Investor program that you use the next 30 days of covered call premiums to invest in 2 to 5 shares of NFLX.

Stay positive as I expect Q3 earnings to continue to delight educated Wall Street traders.

Tyrone Jackson, The Wealthy Investor