Netflix 'Can't Lift,' Jim Cramer Says: It Lost Its Biggest Selling Point

On CNBC’s “Mad Money Lightning Round,” Jim Cramer threw shade at Netflix, Inc. (NASDAQ:NFLX), arguing that the content streaming service “can’t lift.”

“You used to be able to say, ‘Hey, you seen that movie?’ ‘Yeah, I’m gonna go buy Netflix.’ People don’t do that anymore,” Cramer said. “But you know why? Because they don’t even know if it’s on Netflix. Maybe it’s on Amazon. Maybe it’s on HBO. Maybe it’s on Apple. I mean, who even knows? And that’s Netflix’s biggest problem.”

On the earnings front, Netflix reported mixed third-quarter results on Oct. 20. Netflix reported third-quarter revenue of $12.874 billion, up 12% year over year. The revenue total narrowly missed a Street consensus estimate of $12.876 billion, according to Benzinga Pro. The company reported earnings of 87 cents per share, beating a Street consensus estimate of 82 cents per share.

AMC Also Not Worth Holding, Cramer Says

Cramer also recommended selling AMC Entertainment Holdings, Inc. (NYSE:AMC).

AMC is scheduled to report third-quarter earnings on Nov. 4 after the market closes. Analysts estimate a loss of about 4 cents per share along with revenue of $1.54 billion.

When asked about AST SpaceMobile, Inc. (NASDAQ:ASTS), he said, “No, we’re fighting the Fed with that.”

AST SpaceMobile announced Monday that it secured regulatory approval for 30 MHz of S-band spectrum in Brazil and secondary access to up to 20 MHz in the 700 MHz band.

Cramer said no to IREN Limited (NASDAQ:IREN).

IREN said it will release its financial results for the quarter ended Sept. 30, on Thursday, Nov. 5. Analysts expect the company to report a quarterly loss at 67 cents per share on revenue of $221.71 million.

Price Action

• AST SpaceMobile shares gained 1.8% to settle at $43.07 on Thursday.
• AMC shares gained 3% to close at $3.08 during the session.
• Netflix shares rose 0.1% to settle at $62.05.
• Iren shares fell 9% to close at $26.25.

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