Want to know who’s smiling right now? Netflix CEO Reed Hastings.
Hastings’s previously beleaguered Netflix is in the midst of a stock resurgence: Its shares have spiked nearly 20 percent in the past two days to $81.72.
The stock boost comes two days after Hastings made the mind-boggling announcement that Netflix subscribers watched over one billion hours of content in June. That’s 33 million hours every day.
Hastings was also bullish on the very real chance that these numbers would only increase as Netflix introduces its next round of original content — the Keven Spacey adaptation of British political drama House of Cards and the Netflix-produced revival of cult comedy series Arrested Development.
The turnaround is a significant one because it comes less than a year after Netflix took a major kick to the teeth due to the so-called Qwikster disaster. Hastings tried to split Netflix’s DVD and streaming businesses, but investors weren’t having it. The ill-advised move decimated the company’s stock value, causing it to lose 72 percent of its value in a matter of months. Things weren’t looking great.
Fortunately, things seem to be turning around for the company as of late. The company’s Q2 earnings are due July 24, and it will be interesting to see the final numbers for the quarter.