Netflix returns to subscriber growth

Streamer Adds 2.41M Global Paid Subscribers, Beats Earnings Expectations in Q3 2022.

Netflix added 2.41 million subscribers worldwide in the third quarter of 2022, for a total of 223.09 million (73.39 million from the US and Canada), an increase of +4.5 percent compared to the same quarter last year . Q3 was the first quarter of 2022 when Netflix didn’t lose any subscribers. According to Tuesday’s shareholder letter, Netflix executives believe they will add 4.50 million subscribers worldwide in the final quarter of 2022.

The streamer added 4.38 million subscribers in the year-ago quarter, which represented a 9.4 percent growth at the time. So we’re not there – but we’re well above the company’s moderate expectations; At the end of the second quarter, Netflix forecast that it would add 1 million subscribers worldwide in the third quarter. It clearly beat that — and the same goes for its financial projections.

Netflix earned $3.10 per share in the third quarter on revenue of $7.926 billion; Net income was $1.398 billion. Wall Street forecast earnings of $2.13 per share on sales of $7.84 billion. On July 19, Netflix itself estimated earnings per share for the third quarter at $2.14 (total income: $961 million) on revenue of $7.838.

Revenue for the July-September quarter rose 5.9 percent from the same three-month period last year. The third quarter of 2022 rolled out the final episodes of Stranger Things 4, cementing the fourth season of the Duffer Bros. drama series as the most-watched English-language TV show in Netflix recorded history. It also witnessed the debut of Netflix’s second-biggest English-language series of all time, Dahmer. There was also “Cobra Kai” Season 5, “The Sandman” and the Korean hit “Extraordinary Attorney Woo”.

“After a challenging first half, we believe we are on track to accelerate growth again,” said Netflix’s third-quarter shareholder letter. “The key is satisfied members. Because of this, we have always focused on winning the competition for viewers every day. When our shows and movies excite our members, they tell their friends, and then more people watch, join, and stay with us.”

Now, Netflix is ​​excited to launch its ad-supported tier, dubbed Basic with Ads, on November 3rd in the US.

“While we are very bullish on our new advertising business, we do not expect any material contribution in Q4 22 as we roll out our Basic with Ads plan within the quarter and anticipate our membership in this plan to be phased in over time grows. ‘ the letter warns.

Shareholders appear to be jumping into the additional revenue stream as well as the potential for Netflix’s crackdown on password sharing. (Members are likely less enthusiastic about the latter.)

Netflix executives will participate in a Q&A on the third quarter that will be streamed on YouTube at 6:00 p.m. ET/3:00 p.m. PT.

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Lindsay Lowe

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