Netflix (NFLX) Reported Increased Subscriber Growth in Q1

Harding Loevner, an asset management company, released its “Global Equity Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund generated a 6.9% gross of fee return in the first quarter compared to an 8.3% gain for the MSCI All Country World. Despite rising bond yields, the stock market gained throughout the quarter, partly because of continued interest in the potential applications of artificial intelligence. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Harding Loevner Global Equity Strategy highlighted stocks like Netflix, Inc. (NASDAQ:NFLX), in the first quarter 2024 investor letter. Netflix, Inc. (NASDAQ:NFLX) is a streaming platform with a market capitalization of $282.076 billion. One-month return of Netflix, Inc. (NASDAQ:NFLX) was 15.83%, and its shares gained 62.38% of their value over the last 52 weeks. On May 29, 2024, Netflix, Inc. (NASDAQ:NFLX) stock closed at $654.62 per share.

Harding Loevner Global Equity Strategy stated the following regarding Netflix, Inc. (NASDAQ:NFLX) in its first quarter 2024 investor letter:

“In Communication Services, performance was led by Meta and Netflix, Inc. (NASDAQ:NFLX). Netflix reported better-than-expected subscriber growth for the fourth quarter of 2023 and improving profitability, trends that management said would continue in 2024.”

A home theater with family members enjoying streaming content together.

Netflix, Inc. (NASDAQ:NFLX) is in 23rd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 107 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of the first quarter which was 89 in the previous quarter.

In another article, we discussed Netflix, Inc. (NASDAQ:NFLX) and shared Artisan Value Fund’s views on the fund. Netflix, Inc. (NASDAQ:NFLX) was the top absolute contributor of Polen Focus Growth Strategy in the first quarter 2024.  In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.