Netflix added more than 2 million subscribers after two consecutive quarterly declines, sending its shares more than 10% higher in after hours. $NFLX announced third-quarter earnings of $3.10 a share, down from $3.16 a share a year ago:
Netflix Inc. added more than 2 million subscribers in the third quarter after stumbling into 2022 with two consecutive quarterly declines, a rebound that sent shares more than 15% higher in after-hours trading Tuesday.
“After a challenging first half, we believe we’re on a path to reaccelerate growth,” executives wrote in the letter. That didn’t stop Netflix executives from taking a pot shot at streaming rivals over profitability. “Our competitors are investing heavily to drive subscribers and engagement, but building a large, successful streaming business is hard — we estimate they are all losing money, with combined 2022 operating losses well over $10 billion, vs. Netflix’s $5 to $6 billion annual operating profit,” Netflix executives said in the shareholder letter.
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