Netflix Stock Surges After Profit, Subscription Swell To Record 247 Million
Netflix stock surged on October 19, 2023, after the company reported stronger-than-expected earnings for the third quarter. Netflix’s earnings per share of $3.73 beat analysts’ estimates of $3.49, and its revenue of $8.54 billion was in line with expectations.
According to estimates by Street Account, the streaming giant attracted 8.76 million new subscribers globally during the quarter, above the 5.49 million Wall Street had predicted.
In its earnings announcement, the firm said that the pricing of its basic and premium non-ad tiers would go up from $9.99 and $19.99 to $11.99 and $22.99, respectively.
The amount of revenue for the three months that concluded on September 30th was $8.54 billion US, matching estimates.
The impressive outcomes are in spite of the Hollywood actors’ continuing strike, which has all but stopped global film and television production.
The new ad-supported tier on Netflix was a major factor in its earnings beat. Since its November 2022 introduction, Netflix’s ad-supported tier has grown in popularity among users. According to Netflix, more than a million people signed up for its ad-supported tier during the third quarter.
The increase in Netflix’s stock price indicates that investors are growing more optimistic about the company’s prospects. In recent times, Netflix has encountered several obstacles such as heightened rivalry from competing streaming providers and escalating inflation. Netflix is still able to increase its subscriber base and turn a profit, according to its most recent earnings report.
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According to CNBC.com, the AMPTP has yet to finish negotiations with striking actors, but expectations are that costs for creating content will rise when a new contract is finalized.
“We spent hours and hours with SAG-AFTRA over the last few weeks and we were actually very optimistic that we were making progress,” said co-CEO Ted Sarandos during the company’s taped earnings comments Wednesday. “But then at the very end of our last session together the guild presented this new demand on top of everything of a per subscriber levy, unrelated to viewing or success, and this really broke our momentum unfortunately.”
Netflix is also investing heavily in new content, which is expected to help the company maintain its competitive advantage. Netflix is spending over $17 billion on content in 2023, and it is expected to release a number of high-profile shows and movies this year, including “Stranger Things” season 5, “The Crown” season 6, and “Knives Out 2.”
Netflix is an American production company and subscription video-on-demand over-the-top streaming service. The company’s main line of business is the streaming of movies and TV shows that are either internally produced or purchased by content distributors.
Reed Hastings and Marc Randolph launched Netflix as a DVD-by-mail service in 1997. House of Cards, the company’s debut original series, debuted in 2013. Netflix has since created a vast array of original shows, such as Bridgerton, The Crown, Stranger Things, and Squid Game.
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