NFLX - Netflix Stock Soars as Subscriber Growth Returns. Time to Buy?
2023-10-19 05:25:00 ET
Netflix (NASDAQ: NFLX) has officially closed the curtain on the subscriber slump from a year ago. The leading streaming service smashed expectations in its third-quarter earnings report, adding 8.8 million subscribers. This is the fastest membership growth it's delivered since the pandemic and an unusually strong pace for the seasonally slow third quarter.
Revenue rose 7.8% to $8.54 billion, edging out the company's own forecast. Operating margin came in at 22.4%, and earnings per share jumped 20% to $3.73, ahead of the analyst consensus of $3.49.
The company shared some other delightful details with investors. Its ad-based membership is up nearly 70% from the second quarter, and 30% of sign-ups in countries where it offers an ad plan are choosing the ad-supported tier.
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Netflix Stock Soars as Subscriber Growth Returns. Time to Buy?