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Beating expectations is worth something again
I don’t know if anyone’s really noticed, but Netflix had a pretty great third quarter, thank you very much. The streaming platform added 2.41 million subscribers when it only expected 1 million. It also beat analysts’ financial expectations, with $7.93 billion in revenue rather than $7.85 billion.
Plenty has been written about Netflix’s good results, how much it has to do with its content strategy and how it compares to rivals like Disney+. But for this column, we’re more interested in how the markets reacted: with a virtual clap.
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No longer priced-in
If you have been following quarterly earnings from public tech companies like The Exchange has, you may remember that not so long ago, outstanding growth was met with little more than a shrug. Why? Because in market parlance, it was already “priced-in.”