Netflix Inc NFLX soared Thursday after exceeding third-quarter bottom-line expectations.
Earnings per share came in at $1.47 — far above $1.04 estimates — despite a sales miss. Global streaming paid memberships also rose 19.2%. Paid net adds of 6.8 million fell short of the company's guidance for 7 million but surpassed last year's third-quarter sum of 6.1 million.
The performance and stock action led Macquarie to downgrade the stock, while Guggenheim, Bernstein, Piper Jaffray, Cowen and Bank of America lowered their price targets.
But some bulls aren’t ready to cash out yet.
"I'm still long all my shares," billionaire Mark Cuban told Benzinga in an email. The stock has been one of his top holdings for years.
Cuban explained his thoughts on the streaming wars in tweet back in September:
The reality is that original content streamers like Netflix, Prime Video , Hulu all benefit from major new entrants. The marketing surge will push more people to streaming with the best content offerings leading the pack much like HBO led in premium tv channels.
— Mark Cuban (@mcuban) September 18, 2019
At time of publication, Netflix shares were trading up 6.6% at $306.36.
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