Netflix's record quarter boosts futures

Futures tied to the tech-heavy Nasdaq 100 climbed Wednesday morning after Netflix reported its subscriber count reached a new record in the fourth quarter.

By Ahmed Azzam | @3zzamous | 24 January 2024

Market open
  • Nasdaq and S&P 500 rise on Netflix's stellar Q4

  • Netflix soars 8.6% post-market

Nasdaq 100 and S&P 500 futures experienced an uptick on Wednesday following Netflix's stellar performance in the fourth quarter, while Dow futures held steady. In after-hours trading, Netflix soared by 8.6% after unveiling an impressive addition of 13 million new subscribers, pushing its total subscriber count to an unprecedented 260.8 million, marking its most successful quarter for sign-ups since the early days of the pandemic.

The streaming giant not only exceeded revenue expectations but also issued a robust earnings forecast for the current quarter.

Netflix's subscriber increase indicates the ongoing strength in the scaling of the ad-tier business, particularly scaling up at the end of last year, and also the momentum the company's building and its crackdown on password sharing.

Today's data snapshot

In today's data releases, the euro area manufacturing PMI is anticipated to show a slight increase to 44.7, while the UK's flash reading may edge upwards to 46.7.

New Zealand reported a slowdown in inflation to 4.7% in the final quarter of 2023. In an unexpected turn, Japan posted a trade surplus in December as exports saw a notable climb. These diverse data points contribute to the evolving narrative of global economic trends.