Netflix praised as 'cleanest story' in tech as latest earnings report brushes off macro worries

Netflix (NFLX) reported first quarter earnings late Thursday that topped expectations and solidified its position as a defensive player in an industry grappling with economic uncertainty tied to President Trump’s trade war, according to Wall Street analysts.

Oppenheimer analyst Jason Helfstein called Netflix the "cleanest story in internet" in a client note following the results.

"Netflix has won the global streaming race, as further evidenced by these results," Pivotal Research's Jeff Wlodarczak said in a note. "Even in a global recession scenario, NFLX is likely to be highly resilient given the price-to-value of the service remains very attractive."

Both analysts raised their price targets on Netflix stock following the results. Shares of the streamer rose 3.3% in after-hours trading on Thursday; markets were closed Friday for Good Friday.

The stock's resilience is a standout in the tech landscape as rising costs, regulatory pressures, tariff whiplash, and a potential slowdown in advertising revenue have weighed on shares of many Big Tech leaders this year.

During its earnings call, Netflix co-CEO Greg Peters said the company was closely monitoring consumer sentiment amid tariff-related uncertainty but had seen no significant changes in its business performance.

"We're paying close attention clearly to the consumer sentiment and where the broader economy is moving," Peters said. "But based on what we are seeing by actually operating the business right now, there's nothing really significant to note."

Bank of America's Jessica Reif Ehrlich said Netflix remains "predictable in an unpredictable world."

The analyst, who maintained her Buy rating and $1,175 price target, cited the company's positive subscriber and earnings momentum, along with evolving growth opportunities in advertising and live events.

Netflix guided to revenue for the current quarter above Wall Street expectations and reiterated its full-year 2025 revenue growth forecast of $43.5 billion-$44.5 billion.

Peters noted subscriber retention remains "stable and strong," with no noticeable uptick in cancellations or shifts toward lower-cost ad-supported plans following recent price hikes in key markets like the US and Canada. On Thursday, the company also announced it would be raising prices in France.

Peters added that entertainment, in general, has proven to be resilient during tough economic times, and that "Netflix specifically also has been generally quite resilient."