Netflix (NFLX) will report first quarter resultS after the bell; the earnings call starts at 18:00 ET. 

The Street is looking for first quarter EPS and revenue in-line with guidance of $0.63 (vs. $0.40 last year) with revenue up 39.8% to $3.69 bln. 

Netflix has guided for a 10% operating margin (vs. 7% last year) with $7.5-8.0 bln in content spend and a FCF burn of $3-4 billion this year. 

Netflix has a ~$135 billion valuation and the stock trades at ~9x fiscal 2018 sales and ~110x earnings estimates; those multiples fall to 7.2x and 72x on 2019 estimates, respectively. 

Options and TECHS:

Netflix took off like a bat out of hell and broke through its well defined channel after the last report. On the recent market selloff NFLX held the top of the channel support that once served as resistance. Currently it sits in the middle of no where really. You can make the case for a head and shoulders pattern or simply a retest and potential breakout coming.

The weekly options imply a 9.5% move in the stock by Friday's expiration. Just over 4% of the float is sold short.