Los Gatos, California – Shares of Netflix surged nearly 9% in early trading on Friday following a robust earnings report driven by popular shows such as “Nobody Wants This” and “The Perfect Couple.”
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The company reported an addition of approximately 5 million subscribers during the three-month period ending in September, reflecting a 40% decline compared to the same period last year.
Despite this decline, the new subscriber gains contributed to a revenue total of nearly $10 billion, bolstered by the increasing popularity of its advertisement-supported subscription tier. This sales figure represents a 15% increase compared to the same quarter a year prior, as indicated in the earnings report released on Thursday.
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Globally, Netflix now boasts about 282 million subscribers, firmly establishing it as the most popular streaming service by a significant margin. In contrast, Warner Bros. Discovery reported approximately 103 million subscribers across its HBO, HBO Max, and Discovery+ platforms, according to an earnings report from August.
During the earnings call, Netflix highlighted an average viewership of nearly two hours per user per day, suggesting an uptick compared to the previous year.
Looking ahead, the company anticipates continued growth in 2024, fueled by an exciting lineup of programming, including new seasons of hit series like “Wednesday” and “Squid Game,” as well as an upcoming installment in the “Knives Out” film series.
Netflix forecasts revenues of up to $44 billion next year, representing an anticipated 13% increase over its current performance.
Despite its substantial audience, Netflix still commands less than 10% of television viewership in its most popular markets, indicating a significant opportunity for further growth.
“There’s a huge opportunity to grow,” said Gregory Peters, co-CEO of Netflix, during Thursday’s call.
