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.
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