Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.10% 🇪🇺EUR: -0....As Netflix gets ready to announce its earnings for the second quarter of 2024, investors want to know if the popular streaming service can keep attracting lots of new subscribers, make the most of its ad-supported plans, and remain the top streaming platform.
In Q1 2024, Netflix added 9.3 million net subscribers, grew global paid memberships 16% year-over-year to 269.6 million, and increased average revenue per membership 1% year-over-year . Engagement remained solid despite changes like paid sharing.For Q2 2024, Netflix forecasts $2.52 billion in operating income and 26.6% operating margin, versus $1.82 billion and 22.3% in Q2 2023. This compares to Q1 2024 operating income of $2.63 billion and operating margin of 28.1%.
The upside is being supported by the May-to-July uptrend line at $678.42 below which good support can be spotted between the May high and the late June and early July lows at $633.78 to $662.30. While this area underpins, the short-term uptrend will remain valid.For a medium-term top to be formed, the Netflix share price would have to fall through its $626.44 June low. Slightly above this level the April high at $639.00 would be expected to offer support in such a scenario.