Netflix has gained 8.76M subscribers in Q3 2023 KossyDerrickBlog KossyDerrickEnt


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Wednesday, October 18, 2023

Netflix has gained 8.76M subscribers in Q3 2023

Netflix has gained 8.76M subscribers in Q3 2023.

The ads plan membership is up almost 70%, yet actors are still being refused proper streaming residuals.

Continuing a recent trend, global growth skewed internationally, with net increases of 8.33m subscribers in international regions but only 420,000 in the US. The additions pushed Netflix past the 100m subscriber mark outside the US to 106.5m. The US tally reached 61.04m.

Netflix (NFLX, Financial) saw a significant surge of over 9% in postmarket action on Wednesday after the company exceeded financial expectations with its third-quarter results. The company added 8.76M global paid subscribers, surpassing consensus for adds of 6.2M, and landed at 247.15M memberships vs. expectations for 244.41M. The year-over-year growth rate hit 10.8%, stronger even than Q2's 8.0% and Q1's 4.9%. Revenue growth also accelerated, with sales growing 7.8% to $8.542B. Operating income rose to $1.916B and operating margin stretched to 22.4%. Earnings per share of $3.73 also beat forecasts for $3.48.

On the other hand, Lam Research (LRCX, Financial) shares fell more than 2% in extended-hours trading on Wednesday as the semiconductor equipment firm reported stronger-than-expected first-quarter results and mixed guidance. For the period ending September 24, Lam Research (LRCX) earned an adjusted $6.85 per share as revenue fell to $3.48B, down from $5.07B in the year ago quarter. Adjusted gross margins came in at 47.9% and the adjusted operating margin for the quarter was 30.1%.

Tesla (TSLA, Financial) also moved slightly higher in after-hours trading on Wednesday after falling slightly short with its Q3 revenue and EPS tallies. The Austin-based company generated $1.9B in GAAP net income during the quarter and $2.3B in non-GAAP net income. Tesla (TSLA) produced 430,488 vehicles and delivered 435,059 vehicles during Q3. The electric vehicle maker said a sequential decline in volumes was caused by planned downtimes for factory upgrades.

In EMEA, the addition of 4.42m paid subscribers took Netflix’s total for the region to 51.78m; in Latin America, 2.04m additions led to a 31.42m total; and in Asia Pacific, 1.75m gains resulted in 16.23m.

In the company’s letter to shareholders accompanying the results, Netflix noted the recent launches of Disney+ and Apple TV+ but said that globally competition for streaming viewers is “still in its early stages, leaving ample room for many services to grow as linear TV wanes. We have a big head start in streaming and will work to build on that by focusing on the same thing we have focused on for the past 22 years – pleasing members. We believe if we do that well, Netflix will continue to prosper.”

In a webcast interview about the results, Netflix CEO Reed Hastings played down the effect Disney+ might have on Netflix. The Disney streaming service, Hastings said, is “primarily going to take away from linear TV and takes away a little bit from us. But most of the growth in the future is coming out of linear TV.”

Hastings also linked Netflix’s strong showing in this year’s Oscar nominations – the company scored 24 nods, more than any other studio – to its ability to attract talent. By gaining a reputation for winning awards, said Hastings, “we will win deals that we wouldn’t have otherwise won for incredibly entertaining content. So think of all of our awards work as a really smart way to make us the best home for talent in the world.”

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