Netflix beats earnings targets with 5 million new customers

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LOS ANGELES :Streaming video pioneer Netflix picked up 5.1 million subscribers in the third quarter, topping Wall Street estimates by more than 1 million users, the company said in its earnings report on Thursday.Shares of Netflix were volatile in after-hours trading.

FILE PHOTO: The Netflix logo is shown on one of their Hollywood buildings in Los Angeles, California, U.S., July 12, 2023. REUTERS/Mike Blake/File PhotoLOS ANGELES :Streaming video pioneer Netflix picked up 5.1 million subscribers in the third quarter, topping Wall Street estimates by more than 1 million users, the company said in its earnings report on Thursday.

Netflix has been trying to shift investor attention away from subscriber sign-ups to other metrics, including revenue growth and profit margins. The company said its operating margin hit 30 per cent in the quarter, compared with 22 per cent a year earlier. Netflix is working to increase revenue from its new ad-supported plans but has said it does not expect advertising to become a primary growth driver until 2026.

Part of the plan centers around live events including sports, a big draw for advertisers. In November, Netflix will stream a fight between YouTube star Jake Paul and Mike Tyson, followed by its first NFL games in December.

 

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