5 Stocks Making Big Moves After Releasing Their Financial Results

1. Netflix, Inc. (NASDAQ:NFLX)

Number of Hedge Fund Holders: 113

Netflix, Inc. (NASDAQ:NFLX) appears to be in serious trouble following its lackluster performance in the first quarter. The California-based subscription streaming service lost 200,000 subscribers in the first quarter, contrary to analysts’ expectations for additions of 2.7 million subscribers.

The company blamed the suspension of services in Russia for losing 700,000 subscribers. However, Netflix, Inc. (NASDAQ:NFLX) also lost nearly 640,000 subscribers in the U.S. and Canada, and many are linking the losses with the price hikes in the two countries. Moreover, the intensifying competition from rival streaming services is also making it hard for the company to gain more customers.

In a letter to shareholders, Netflix, Inc. (NASDAQ:NFLX) said that over 100 million households are violating its rules by sharing passwords of their accounts. The company also hinted at a global crackdown on them as it looks to reduce losses and boost its subscriber base.

Coming back to the first-quarter results, Netflix, Inc. (NASDAQ:NFLX) reported earnings of $3.53 per share, down from $3.75 in the comparable period of 2021. Revenue came in at $7.87 billion, up from $7.16 billion in the year-ago quarter. Analysts were looking for earnings of $2.89 per share on revenue of $7.93 billion.

Shares of Netflix, Inc. (NASDAQ:NFLX) plummeted to their lowest price in more than three years, losing nearly 30 percent of their value in the pre-market trading session on Wednesday, April 20, 2022, following its disappointing Q1 performance.

You can also take a peek at 7 Best Stocks to Buy Now According to Bill Ackman and 10 Undervalued Dividend Kings To Buy In 2022.

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