Netflix has reversed its recent subscriber losses with a summertime gain.
The Netflix menu is shown on a screen in Pittsburgh, on Monday, Oct. 17, 2022. Netflix posted its third quarter results a few weeks before the company launches a cheaper version of its video streaming service that will include ads for the first time, a shift that the company is hoping will accelerate its growth again.
The uptick in subscribers also helped Netflix earn $1.4 billion, or $3.10 per share, a 4% dip from the same time last year. Revenue climbed 6% from last year to $7.93 billion. The subscriber gains, earnings per share and revenue all topped analyst projections compiled by FactSet. “Netflix still has a lot of room to grow and capture the share in a price-sensitive market,” Investing.com analyst Haris Anwar said in a sign of renewed optimism about the company’s prospects.
Although investors have generally been enthusiastic about Netflix’s expansion into the advertising market, one major concern is whether the additional revenue generated from selling commercials will be enough to offset the losses from current subscribers who switch to the cheaper option from higher prices they are currently paying.
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