Cheer up, Netflix investors.
Despite a first-quarter earnings report that sent its stock tumbling, and the emergence of Amazon as a much more direct rival, streaming video giant Netflix said that opportunity in streaming video remains huge. In an earnings report that beat expectations but was light on guidance — causing the stock to drop more than 10 percent after hours — Netflix CEO Reed Hastings said the company has "lots of opportunity ahead to win more of [consumers'] evenings."
"If you think about your last 30 days, and analyze the evenings you did not watch Netflix, you can understand how broad our competition really is," Hastings wrote in the earnings release. That competition includes video games, web surfing, YouTube, physical media and any other form of leisure activity.