October 20, 2022: -Netflix shares skyrocketed over 14% after the bell Tuesday as the company posted anticipated results on the top and bottom lines. The streamer reported the addition of 2.41 million net global subscribers, doubling the ads the company had projected a quarter ago.
Additionally, Netflix started to crack down on password sharing next year, allowing people who have been borrowing accounts to create their own. The company will even enable people sharing their records to create sub-accounts to pay for friends or family to use theirs.
Most of Netflix’s net subscriber change in the quarter came from the Asia-Pacific region, accounting for 1.43 million subscribers. The U.S.-Canada region had the smallest increase in Netflix’s parts, contributing just 100,000 net subscribers.
“We’re still not growing as quickly as we would like,” Spencer Neumann, Netflix’s chief financial officer, said in the company’s earnings call. “We are building speed and pleased with our progress, but we know we still have much more work to do.”
Netflix forecasted it would add 4.5 million subscribers in its first financial quarter and expects earnings of $7.8 billion, mainly due to overseas currency.
The company praised shows and movies such as “Stranger Things” season four, “The Gray Man” and “Purple Hearts” as reaches that helped move the needle in the third quarter.
It also teased the acquisition of its recent lower-priced ad-supported plan, launching in 12 countries in November.
The streamer said it was “very hopeful” about its new advertising business. While it doesn’t expect the recent tier will add a material contribution to its fourth-quarter results, it foresees membership growth over the period. Its forecast for subscriber growth is based on its upcoming content slate and the typical seasonality during the current three months of the year.
“After a challenging first half, we trust we’re on a path to reaccelerate growth,” the organization articulated on Tuesday. “The key is pleasing members. We’re focusing on beating the competition for views every day. When our series and films excite our members, they say their friends, and then people watch, join and stay with us.”
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