Netflix Bounces Back With 2.4 Million Subscribers in Q3

thewrap.com:

last quarter that it would add 1 million subscribers, and it now sits at 223.09 million global subscribers. But Netflix also is looking up for the fourth quarter after moving up the launch of its ad-supported pricing tier to November, having unveiled the details of the cheaper plan that starts at as low as $6.99/month earlier in October, and it further suspects that it will reach 227.57 million for Q4. “After a challenging first half, we believe we’re on a path to reaccelerate growth.

The key is pleasingmembers. It’s why we’ve always focused on winning the competition for viewing every day. When our series and movies excite our members, they tell their friends, and then more people watch, join and stay with us,” the streamer said in its letter to shareholders.

Netflix also edged out some of Wall Street’s expectations, posting earnings of $7.92 billion compared to an analyst average of $7.84 billion and a reported diluted earnings per share (EPS) of $3.10 compared to Wall Street’s prediction of $2.13.

Netflix’s operating income for the quarter was $1.53 billion.Last quarter, Netflix shed 970,000 subscribers, though it was above some of the dismal figures that it had at first predicted at the start of the year that at the time had sent stock prices for the streamer tumbling.