Netflix has become a more valuable company than the US oil giant ExxonMobil , as the streaming service benefits from increased viewing of television and films during coronavirus lockdowns.
Shares in Netflix moved 5% higher in early trading on Wall Street on Thursday to a new record high of $448 (£360), taking its market value to $196bn.
At the same time ExxonMobil’s share price fell 3% to $39.30, giving it a market capitalisation of $166bn as the price of oil slumped. As recently as 2013 the company was the most valuable in the world, but is now worth about 13% as much as tech titans Apple and Microsoft.
Netflix was boosted by lockdown measures were imposed around the world. Rivals, such as Amazon’s Prime Video, with an estimated 118 million users, and Disney’s new streaming service, also benefited from new users.
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