Netflix reported robust quarterly earnings on Tuesday with a noticeable surge in revenue; however, the paid membership for 2019's Q4 did not grow as much as the consensus forecasts projected.
The company reported revenue of $5.467 billion in Q4, which is the highest one on record so far. Thus, Netflix’s net revenue for 2019 exceeded $20 billion.
The findings of the report also demonstrated very solid earnings per share, which reached $1.3 vs $0.53 expected.
The percentage of streaming paid memberships grew at 20.0 per cent in Q4, which is the slowest pace on record for the entire 2019 and the prime cause for Netflix’s share price tumble following the release of the earnings report.
Judging by the stock’s performance in the past, the share price is likely to tumble to the lower boundary of the ascending channel before it finds support.
Netflix 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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