Although Netflix (NASDAQ:NFLX) stock fell 1.62% to $357.12, it still had a strong finish last week. The stock rose 7.30% last week and reversed the more than 1.0% loss the previous week and 8.85% the week before that.
So far, Netflix stock has risen 10.4% this year, which makes it the star FAANG stock. Amazon (NASDAQ:AMZN), the other top-performing FAANG stock, has risen 2.83% this year. All of the other FAANG companies—Facebook, Alphabet, and Apple—have fallen this year. Facebook stock has fallen 23.6% this year as of the closing on March 27.
More interest in Netflix stock
As much as the COVID-19 pandemic has disrupted Netflix’s operations, it has also boosted the demand for its service. Netflix’s chief content officer, Ted Sarandos, revealed last week that Netflix content has seen increased views. More people have been staying home amid the pandemic.
Netflix has halted its production activities around the world in response to the global health crisis. However, the company said that it has enough content for several months.
Netflix stock has attracted investors hunting for companies that could survive or at least benefit from the COVID-19 pandemic.
Netflix has a lead on Disney+
Walt Disney (NYSE:DIS) has pushed back the launch of its Disney+ video service in France and India. The delay has given Netflix more time to gain market share before the competition tightens.
Disney+ has emerged as a strong Netflix challenger. The service debuted in November last year and signed over 10 million subscribers on the first day. Netflix stock fell on the day that Disney+ debuted.
To give Disney+ a strong start, the company priced it competitively compared to Netflix. Also, Disney brought its entire marketing machine behind Disney+ in order to cut off Netflix.
Earnings beat the expectations
For the fourth quarter of 2019, Netflix’s financial results increased from the previous year and beat the consensus estimate. Despite the recent sell-off due to the coronavirus, Netflix stock has risen more than 5.6% since its fourth-quarter results. The company plans to release its first-quarter results on April 21.