In its third quarter report, the streaming platform obtained revenues of US$8,542 million, in line with analysts’ forecasts.
In its third quarter results report, Netflix He reported that added 9 million new customers worldwide and earned revenues of US$8,542 million, in line with analysts’ forecasts. Still, he announced that will raise prices of some of its streaming plans in United States, Great Britain and France.
The move seeks to increase revenue in a competitive streaming market. Netflix shares rose almost 7% in after-hours trading, at $369.89.
The premium plan without advertising, which allows four accounts simultaneously, increased by $3 per month, up to US$22.99, in the United States. The basic plan of an issue rose US$2 per month, to US$11.99. In Britainthe price of the basic plan rose by 1 pound, up to £7.99. In France, the basic plan increased by 2 euros, to 10.99 euros.
Earnings per share were $3.73. Wall Street expected Netflix to attract about 6 million new customers. The company’s expected fourth-quarter revenue of $8.69 billion fell slightly below the expected $8.77 billion by the analysts surveyed by LSEG.
The company has been looking for ways to increase revenue as it approaches market saturation in the United States and faces competition from Walt Disney, Warner Bros Discovery and others. It also launched a cheaper, ad-supported subscription and started asking password borrowers to pay in its bid for growth.
Media companies like Netflix has grown amid negotiations with striking writers and actors (with whom they still refuse to agree) The company argued that it has weathered the strikes better than its competitors because produces a lot outside the United States.
Some analysts have recently lowered their price targets for Netflix. The average target has fallen to $460 from $495 a month agoaccording to Refinitiv.
Source: Ambito
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