Netflix Beats 2021 Record as Investors Embrace Profit Push
- Rally far outpaces streaming peers like Disney and Warner Bros
- Improvements in profitability have reduced stock’s multiple
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Netflix Inc. shares hit their first record in nearly three years as investors continue gravitating toward the streaming-video company while its strategy to improve profitability plays out.
Shares of the Los Gatos, California-based company rose 1.5% on Tuesday, taking out a high that had stood since November 2021, the peak of its Covid-era success. In a sign of its growing advertising might, the company earlier on Tuesday disclosed a more than 150% increase in upfront ad sales commitments compared to 2023.