Netflix earnings – subscribers swell to record 247 million as stock soars

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Netflix beat Wall Street expectations for profit and user growth during the third quarter, sending its stock surging as the streaming giant rolled out another price increase.

Article originally published by Forbes. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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19 Oct 2023

Netflix's subscriber losses last year subsided as the streaming rolled out anti-password sharing initiatives and an ad tier.

Netflix brought in $8.54 billion of revenue during the three-month period ending September 30 and $3.73 earnings per share, comparing favorably to consensus analyst estimates of $8.54 billion and $3.49, respectively, according to FactSet.

The firm reported nine million net paid subscriber adds, exceeding estimates of 6.08 million, bringing its global paid subscriber base to 247.2 million.

Shares of Netflix spiked more than 10% to over $380 following the report’s release, paring a 3% drop during regular trading Wednesday.

The company announced in its earnings release it will increase prices for its basic and premium non-ad tiers from $9.99 and $19.99 to $11.99 and $22.99, respectively.

It’s been a whirlwind three-year stretch for Netflix investors as the