Netflix Stock Rises 5% After Streaming Platform’s Strong Emmy Night

Associated Press

UPDATED with closing price. Netflix stock gained nearly 5% today, closing at $367.65 a share, after the subscription streaming platform tied HBO last night for the most Emmy Awards.

Paced by The Crown¬†and Godless, Netflix captured 23 total Emmys, including those handed out at last weekend’s Creative Arts ceremonies. The tally equaled that of HBO, whose flagship series Game of Thrones took home top honors for drama series.

During the three-hour Emmy ceremony, several Netflix winners saluted the streaming service for affording them creative freedom. NBC’s telecast also included several jokes at broadcast TV’s expense. (Just two statuettes went to broadcast nets — NBC’s Saturday Night Live for sketch comedy series and ABC’s Oscar show for variety special directing.) Netflix’s nearly $12 billion in annual content and marketing spending also has attracted a range of film and TV talent to the platform of late. Without advertisers or the traditional constraints of a linear broadcast schedule, Netflix is free to produce and release as many original shows as it can.

As Deadline’s Nellie Andreeva noted, this is the first time Netflix has topped the Emmy winners list. The company placed third in 2016 and climbed to second last year. In the nominations stage, Netflix topped perennial leader HBO for the first time.

While Netflix stock has had an incredible year, surging nearly 80% in 2018 to date, it has stumbled over the past couple of months after reporting disappointing second-quarter results. Major tech stocks in general have been hit hard by a combination of factors including regulatory scrutiny, noise about trade policy and the sentiment that they have become over-extended during the current bull market.

Since hitting a new 52-week high in mid-July, Netflix shares have retreated nearly 18%. Just yesterday, they slid nearly 4%.

In a move having nothing to do with the Emmys, Netflix also said today it has added Mathias Dopfner, CEO of German publishing giant Axel Springer, to its board of directors.

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