streaming leader Netflix Inc NFLX third quarter financial results reported after the market close on Tuesday. Here are the main highlights.
What happened: Netflix reported revenue of $7.93 billion in the third quarter, up 5.9% year over year. The grand total was ahead of an estimate of $7.84 billion, according to Street data Gasoline Pro.
The enterprise Posted Third-quarter earnings per share of $3.10, beating a Street estimate of $2.13.
Revenue increased 19% in the APAC region, 19% in the LATAM region and 11% in the UCAN region. The company added 1.4 million paying members in the APC region, 300,000 in the LATAM region and 100,000 in the UCAN region in the third quarter.
In the third quarter, Netflix said it added 2.41 million net new subscribers.
Netflix’s revenue and subscriber numbers were ahead corporate governance. The company forecast 1 million net new subscribers and $7.84 billion in revenue for the third quarter.
“We had big hits in television and film in the third quarter – launching some of our most-watched series and films of all time,” the company said in a statement.
Related link: How to Trade Netflix Stock Before and After Q3 Earnings
What’s next: The streaming giant forecast fourth-quarter revenue of $7.8 billion and earnings per share of 36 cents. The company expects to add 4.5 million new paid subscribers in the fourth quarter.
The company highlighted start next November its ad-supported streaming platform.
“While we are very bullish on our new advertising business, we do not expect any material contribution in Q4 22 as we roll out our Basic with Ads plan within the quarter,” Netflix said.
“Our goal is to give our prospective new members more choice – not to pull members away from their current plans.”
Netflix also addressed the highly competitive streaming market in its third-quarter letter to shareholders.
“Netflix has higher engagement than any other streamer – with…
