Netflix stock reached record high levels on Friday peaking at $555.88 per share. The stock's price has been on a steady incline since March with help of the COVID-19 pandemic and the pursuit for at-home entertainment.
Amid talks of a lengthy second wave of COVID-19, many big movie premieres are shifting their sights from formal theatrical releases to Netflix and other streamers. So far this method has been proven widely successful - Disney's release of the Broadway Musical "Hamilton" on Disney+ resulted in a 74% jump in the app downloads compared to other weekends in the month of June.
There has been a lot of positive sentiment on the tech giant's earnings for Q2. An excerpt from Goldman Sach's analyst Heath Terry's statement,
"We expect Netflix to report Q2 results well above guidance with at least 12.5 million net subscriber additions, as quarterly app downloads reached a record high and year-over-year downloads growth reached its highest level since Q1 2016. We believe this was driven by growth in content on the platform, a lack of competition for entertainment hours and spend driving churn lower, and more time being spent at home even as a number of official orders have been lifted."