Netflix ‘seeing significant reacceleration’ in app downloads: BofA

Netflix is “seeing significant reacceleration” in mobile app downloads in the third quarter of 2019 Bank of America analysts said in a note Monday.

Netflix shares reacted to the note by rising more than 2% Monday morning.

The firm credited the popularity of summer releases including the third season of “Stranger Things” for a 30% quarter-over-quarter increase in downloads. The analysts used mobile app download and revenue data from SensorTower.

Netflix downloads in the third quarter of 2019 are up 18% year over year, according to the note. In the U.S., downloads are up 6%, while international downloads are up 21%, the analysts wrote.

The app download numbers don’t necessarily translate to subscribers. Last quarter, Netflix reported a rare loss in U.S. subscribers while missing analysts expectations for international paid subscriber adds. At the time, Netflix blamed its content slate for the weak numbers, but touted the highly-anticipated release of “Stranger Things” as a reason to be hopeful for the third quarter.

–Michael Bloom contributed to this report.

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