April 22 - Netflix (NFLX) surged more than 6% on Tuesday, outpacing broader markets as investors looked for defensive plays amid mounting recession fears and escalating trade tensions.

The streaming platform has gained nearly 20% year-to-date, sharply contrasting with the S&P 500's 10% decline and the Nasdaq's 16% drop. Analysts say Netflix's business model, which is largely insulated from tariff risks, makes it an appealing bet in uncertain conditions.

Last week, the company reported robust first-quarter results, posting nearly $3 billion in net income on $10.5 billion in revenue. Its operating margin hit 31.7%, and Netflix said it expects margins to remain around 30% through the rest of 2025.

Compared to peers, Disney (DIS, Financial) and Warner Bros. Discovery (WBD, Financial) have slid 23% and 25% this year, respectively. Paramount Global (PARA, Financial) is up modestly, rising about 4%.

Analysts at William Blair reiterated an “outperform” rating, noting Netflix is “not experiencing economic headwinds” and remains well-positioned in the streaming landscape. JPMorgan Chase (JPM) also called the stock a “defensive” play, while Oppenheimer described Netflix as “the cleanest story on the internet.”

The company expects second-quarter revenue to slightly exceed expectations at roughly $11 billion. Full-year 2025 guidance remains between $43.5 billion and $44.5 billion.