Tuesday, April 16, 2024 5:47 AM EST
Netflix (NFLX) is a well known streaming service offering a wide variety of TV shows, movies, documentaries, and more on thousands of internet-connected devices. It was founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California. Initially, Netflix began as a DVD rental-by-mail service, offering a flat monthly subscription fee for unlimited DVD rentals without due dates, late fees, or shipping fees. However, in the early 2000s, Netflix shifted its focus to streaming media, launching its streaming service in 2007. This move revolutionized the way people consume entertainment, as it allowed subscribers to instantly watch a vast library of films and TV shows over the internet on their computers, smartphones, tablets, and smart TVs.
On Thursday Netflix will release their earnings after the close. The outlook for Netflix is weak now with an average fall of nearly 8% over the last 15 years between April 18 and May 07. The biggest fall was in 2022 with a drop of nearly 50%, so there is a precedence for heavy falls over this earnings period, so watch out for strong volatility coming up.
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As of my last update in January 2022, Netflix had millions of subscribers worldwide and continued to be one of the leading streaming services globally, constantly innovating and expanding its offerings to cater to a diverse audience. Technically, Netflix is sitting under key resistance at $675 with a steep daily trend line that has been providing support since January’s strong earnings report. However, are weaker prices ahead?
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