{"id":1977,"date":"2023-10-19T05:48:15","date_gmt":"2023-10-19T05:48:15","guid":{"rendered":"https:\/\/connectwithfund.com\/markets\/subscribers-swell-to-record-247-million-as-stock-soars\/"},"modified":"2023-10-19T05:48:16","modified_gmt":"2023-10-19T05:48:16","slug":"subscribers-swell-to-record-247-million-as-stock-soars","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=1977","title":{"rendered":"Subscribers Swell To Record 247 Million As Stock Soars"},"content":{"rendered":"
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Topline<\/h2>\n

Netflix beat Wall Street expectations for profit and user growth during the third quarter, sending its stock surging as the streaming giant rolled out another price increase.<\/p>\n

Key Facts<\/h2>\n
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Netflix brought in $8.54 billion of revenue during the three-month period ending September 30 and $3.73 earnings per share, comparing favorably to consensus analyst estimates of $8.54 billion and $3.49, respectively, according to FactSet.<\/p>\n<\/p><\/div>\n

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The firm reported nine million net paid subscriber adds, exceeding estimates of 6.08 million, bringing its global paid subscriber base to 247.2 million.<\/p>\n<\/p><\/div>\n

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Shares of Netflix spiked more than 10% to over $380 following the report\u2019s release, paring a 3% drop during regular trading Wednesday.<\/p>\n<\/p><\/div>\n

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The company announced in its earnings release it will increase prices for its basic and premium non-ad tiers from $9.99 and $19.99 to $11.99 and $22.99, respectively.<\/p>\n<\/p><\/div>\n<\/div>\n

Key Background<\/h2>\n

It\u2019s been a whirlwind three-year stretch for Netflix investors as the company\u2019s share price more than doubled early in the pandemic as stay-at-home orders proved to be a boon for streaming, before the stock crashed about 75% during 2022\u2019s first half as the company reported its first quarters of subscriber losses in a decade. The stock has since recovered as subscriber growth continued following Netflix\u2019s crackdown on password sharing and launch of a cheaper tier with ads. Netflix initially rallied during this summer\u2019s strike of Hollywood actors and writers as analysts expected the streamer\u2019s backlog of content to perform favorably compared to peers though that rally quickly faded. In a note to clients last week, Goldman Sachs analysts led by Eric Sheridan attributed Netflix stock\u2019s loss of momentum to \u201cinvestor concerns\u201d about revenue growth after executives downplayed the ad tier\u2019s ability to drive near-term expansion. Shares of Netflix are down about 25% over the last three months but remain up more than 20% for the year.<\/p>\n

<\/fbs-ad> <\/p>\n

Crucial Quote<\/h2>\n

\u201cNetflix now closely resembles a utility in many markets, giving it status as a long, durable service. The challenge of being labeled a utility, of course, is how a maturing company continues finding growth,\u201d Bernstein analysts Laurent Yoon and Mark Shmulik wrote earlier this month, reflecting Netflix\u2019s challenge at growing its already massive subscriber base.<\/p>\n

Big Number<\/h2>\n

$153 billion. That was Netflix\u2019s market capitalization at Wednesday\u2019s close, narrowly behind legacy rival Disney\u2019s $155 billion valuation. Netflix\u2019s market cap peaked at over $300 billion in late 2021.<\/p>\n

<\/h2>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Topline Netflix beat Wall Street expectations for profit and user growth during the third quarter, sending its stock surging as the streaming giant rolled out another price increase. Key Facts Netflix brought in $8.54 billion of revenue during the three-month period ending September 30 and $3.73 earnings per share, comparing favorably to consensus analyst estimates of $8.54 billion and $3.49, respectively, according to FactSet. The firm reported nine million net paid subscriber adds, exceeding estimates of 6.08 million, bringing its global paid subscriber base to 247.2 million. Shares of Netflix spiked more than 10% to over $380 following the report\u2019s<\/p>\n","protected":false},"author":1,"featured_media":1978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-1977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"\nSubscribers Swell To Record 247 Million As Stock Soars | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Topline Netflix beat Wall Street expectations for profit and user growth during the third quarter, sending its stock surging as the streaming giant rolled\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/connectwithfund.com\/?p=1977\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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