![]() Netflix also issued an upbeat forecast for its production and release schedule for next year. These include "The Witcher," "You," "Tiger King" and "Cobra Kai," in addition to new movies like "Red Notice" and "Don't Look Up." "Squid Game" was also released at the end of the third quarter in September, suggesting some carry-over in viewership into the final three months of the year. New seasons of some of Netflix's most popular shows are also set for release in the current quarter, helping provide another boost to the platform. Netflix also said in its earnings report that it will switch to reporting hours viewed for its shows instead of the number of accounts watching them later this year, saying it believes "engagement as measured by hours viewed is a slightly better indicator of the overall success of our titles and member satisfaction." A record 142 million people watched the show in its first four weeks, exceeding a previous viewership record following the release of "Bridgerton." Netflix added just 5.5 million net subscribers total in the first and second quarters this year, compared to a record 25.9 million additions in the first half of 2020.Ī robust slate of content was expected to fuel new user acquisition, especially following the release of Netflix's hit Korean television show "Squid Game." The series is estimated to be worth nearly $900 million to the streaming giant, after costing just $21.4 million to produce, according to a Bloomberg report. The Los Gatos, Calif.-based company had added far fewer new users in the first months of 2021 compared to last year, when pandemic-era, stay-in-place orders fueled a surge in sign-ups. Netflix said it anticipated 8.5 million new paid users will join the platform in the fourth quarter, compared to the 8.32 million consensus analysts expected. Netflix's third-quarter subscriber additions marked a solid rebound from the second quarter, when just 1.5 million new paying users joined the streaming service.Īnd in addition to beating expectations for third-quarter subscriber growth, Netflix also guided toward better-than-expected new user numbers for the final quarter of the year. Net subscriber additions: 4.38 million vs. ![]() $7.48 billion expected, $6.44 billion Y/YĮarnings per share: $3.19 vs. Here were the main metrics from Netflix's report, compared to consensus estimates compiled by Bloomberg: Shares rose by about 1.5% in late trading following the results. Third-quarter profits also came in ahead of Wall Street's expectations, while revenue matched estimates. Netflix ( NFLX) reported third-quarter results after market close that showed a pick-up in subscriber growth after a disappointing first half of the year.
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