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Is Netflix (NFLX) a Buy Heading into its Upcoming Earnings Announcement?

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Streaming pioneer Netflix (NFLX - Free Report) is set to report first-quarter results on Thursday after the bell. Netflix, a Zacks Rank #3 (Hold), has exceeded the earnings mark in three of the past four quarters. But with the market pulling back for the first time in 2024, is NFLX a buy before the announcement?

Analysts are expecting NFLX to deliver quarterly earnings of $4.50 per share, reflecting a 56.3% improvement relative to the same quarter in the prior year. Revenues of $9.26 billion would mark a 13.4% jump versus the year-ago period.

Netflix is benefitting from its growing subscriber base and a crackdown on password-sharing. The streaming giant has delivered a trailing four-quarter average earnings surprise of 5.4%.

Shares have handily outperformed the market in 2024 with a better than 25% return. Our proprietary Zacks Earnings ESP predicts another earnings beat for the upcoming announcement.

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