Netflix earnings bring big subscriber windfall, but stock gets dinged on light revenue forecast

Netflix Inc. wowed Wall Street with new subscribers Wednesday, but lighter-than-expected revenue and sales projections undercut the company’s stock in extended trading.

Revenue improved to $8.19 billion from $7.97 billion a year ago. Analysts surveyed by FactSet had expected on average net earnings of $2.85 a share on revenue of $8.29 billion. Shares dipped slid nearly 5% in after-hours trading immediately following the release of the results, after closing the regular session with a slight increase.

“We expect revenue growth will accelerate in the second half of 2023 as monetization grows from our most recent paid sharing launch and we expand our initiative across nearly all remaining countries plus the continued steady growth in our ad-supported plan,” Netflix executives wrote.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian stocks drop as China growth worries overshadow Wall Street gainsShares were mostly lower Tuesday in Asia as optimism over a Wall Street rally was countered by worries about the Chinese economy.
Source: MarketWatch - 🏆 3. / 97 Read more »

'Margins, margins, margins': What Wall Street is looking for in Tesla's 2nd-quarter earnings - AutoblogThe real question for Tesla investors is how much of the company's profit margin was sacrificed with its recent vehicle price cuts.
Source: therealautoblog - 🏆 528. / 51 Read more »