Netflix crushes expectations across the board, adds 2.41 million subscribers

Netflix’s revelation that it lost 200,000 subscribers in the first quarter put further pressure on an already beleaguered tech sector, but top tech analyst Mark Mahaney believes the current weakness in the sector presents several opportunities for investors.

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Netflix reported third-quarter earnings after the bell. Here are the results.

  • EPS: $3.10 vs $2.13 per share, according to Refinitiv.
  • Revenue: $7.93 billion vs $7.837 billion, according to Refinitiv survey.
  • Expected global paid net subscribers: Addition of 2.41 million subscribers vs. an addition of 1.09 million subscribers, according to StreetAccount estimates.

Last quarter, Netflix addressed its slowing revenue growth, which it said was the result of competition, account sharing and other factors such as sluggish economic growth and the war in Ukraine.

“We’ve now had more time to understand these issues, as well as how best to address them,” the company said in July.

It remains focused on content, offering big-budget films on its service rather than in theaters, and providing all episodes of new shows all at once for subscribers to binge. Although, the company will make an exception for the much anticipated sequel to Rian Johnson’s “Knives Out.” “Glass Onion: A Knives Out Mystery” will have limited play in theaters before its streaming debut.

Additionally, investors will be looking for updates on Netflix’s paid sharing plan. This is an effort it mentioned earlier this year that would upcharge some members for sharing their subscription with family members or friends that live outside their home. The company previously said it is looking at two different approaches in test cases in Latin American that can inform a wider rollout in 2023.

This is a breaking news story. Please check back for updates.

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