The shares of the company jumped on Tuesday with 3.54%, from the previous day's close at 348.95 to finish yesterday's trading session at 361.31.
This jump with close to 12 dollars was caused mainly from the 33% surprise - difference between the EPS forecast and the actual data, after the company reported 0.76 EPS as opposed to the initial estimates of 0.57. The positive outlook that led to the eventual share price surge was also positively influenced by the better-than-expected revenue streams of the company. The overall consensus for the Q1 revenue forecast of the online streaming giant was sitting at 4.50$ billion, whereas Netflix reported a total of 4.52$ billion in revenues.
Despite the comments of Netflix's CEO Reed Hastings, dismissing the threat from the increasing competition in the online streaming services by the likes of companies such as Disney and Apple, the company's share price spike found strong resistance during today's trading session, at around 363.40. As you may recall from our last article, this used to be the support trend line, from the previous bullish channel, represented by the green arrow.
Image source: Trendsharks ©, created with TradingView.com
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