Kevin O'Leary: Markets are Going Through a 'Garden Variety Correction'

As for Netflix, its third-quarter revenue came in exactly at the estimated $4 billion expected per a Refinitiv consensus estimate, but bested earnings per share (EPS) estimates of 68 cents with 89 cents for the third quarter. Furthermore, subscriber additions came in at 6.96 million with domestic subscriber additions reaching 1.09 million versus 673,800 estimated, and international subscriber additions reaching 5.87 million as opposed to the 4.46 million estimated.

Google parent company Alphabet posted revenues of $33.7 billion–a 21% year-on-year increase, but still fell short of forecasted revenue of $34.05 billion. As a result, Alphabet stock fell by about 3.3% in the hours after it announced its earnings and fell another 3% in Friday’s early session.

Facebook is the sole company from the FANG stocks who has yet to report their latest earnings. They are scheduled to release their fiscal year fourth-quarter results on October 30.

As the U.S. indexes continue to see mostly red through October, the majority of investors might view it as a stop sign, but to O’Leary, he has the green light to continue purchasing.

“I’m just adding to my positions,” said O’Leary. “I did it again today.”

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