Wednesday’s Headlines: Netflix Delivers With Blowout Subscriber Numbers
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. Streaming giant Netflix made up for a miss on earnings per share in the last quarter with net subscriber additions blasting past estimates of 8.2 million to reach 15.77 million. Wall Street was anticipating earnings per share of $1.65 on revenue of $5.76 billion, while Netflix returned EPS of $1.57 on revenue of $5.77 billion. Netflix said it expects 7.5 million global paid subscriber additions in Q2, but warned the number was “mostly guesswork” since it can’t know when stay-at-home orders around the world will be lifted. Get the complete earnings report here.
2. Shares of electric-car maker Tesla tumbled 8% on Tuesday following a widespread sell-off related to plummeting oil prices. With oil prices dropping to record lows, electric vehicles have become less attractive, as non-electric cars suddenly become much cheaper to operate. Investors will have a close eye on Tesla this month and how the pandemic has affected its sales, with Q1 earnings expected on April 29. Read more here.
3. Despite earnings topping analyst estimates, Chipotle Mexican Grill saw its stock falling 2.73% following a record criminal fine. The fast-food chain will pay a $25 million criminal fine to resolve allegations by federal prosecutors that its food sickened more than 1,100 people across the U.S. from 2015 to 2018. However, earnings came in at $3.08 versus $2.90 expected, on top of revenue of $1.41 billion, with same-store sales up 3.3%. Get the full story here.