Not surprising, with tens of millions of Americans under Stay at Home orders in the United States, more are turning to online streaming services. Netflix has been one of the leaders in this industry for several years now.
After the markets closed, Netflix reported 15.8 million new subscribers in the first quarter of 2020, exceeding the company’s own projections.
During the same period last year, less than 10 million subscriptions were added. In all of 2019, Netflix added 27.8 million subscribers. Netflix now has a total of nearly 183 million subscribers worldwide.
Netflix reported these numbers late in the trading day and it’s stock closed at $433.83. Right after the closing bell in after hours trading, it’s price jumped 8% to $468 before quickly falling back down where it eventually stabilized at about $434 again.