![]() Netflix is projecting its revenue to reach $8.7 billion next quarter, slightly below analysts' consensus of $8.78 billion. While the move garnered its share of negative publicity, in hindsight it appears to have been a prudent move. It’s clear that the password sharing armageddon that had many online forum and social media users announce that they’d be ‘deleting their account’ was overblown. There was also a significant increase in paid subscriptions, with a net addition of 8.8 million, compared to the anticipated 6.1 million. Of course it will remain to be seen how this will impact their library in the next 12 to 18 months, as planned shows will potentially take longer to be released. These numbers were helped by the writers strike, at least in the short term, with the company able to save $1 billion in content costs as development on impacted shows came to a halt. The revenue was reported at $8.54 billion, matching the analysts' forecast of the same figure. Netflix announced profits of $3.73 per share in Q3, surpassing the Wall Street analysts' average prediction of $3.49. Netflix adds 8.8 million subscribers and grows revenue So those same investors (if they’d been brave enough to hold on) will be very pleased with these latest developments. ![]() Investors who had bought in at the peak were staring down a 73% loss. By May, the stock price had plummeted to hover around $180. After reaching those heady pandemic heights, it came crashing back down to earth in 2022 as the world went back to normal and had us all spending far less time in front of the TV or tablet. ![]()
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