{"id":2945,"date":"2023-10-19T00:42:21","date_gmt":"2023-10-19T00:42:21","guid":{"rendered":"https:\/\/infundpros.com\/markets\/netflix-stock-surges-on-subscriber-beat-and-price-hike\/"},"modified":"2023-10-19T00:42:22","modified_gmt":"2023-10-19T00:42:22","slug":"netflix-stock-surges-on-subscriber-beat-and-price-hike","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=2945","title":{"rendered":"Netflix Stock Surges on Subscriber Beat and Price Hike"},"content":{"rendered":"
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Netflix reported solid earnings and subscriber numbers for the September quarter, sending the stock sharply higher in after-hours trading.\u00a0 <\/p>\n

For the third quarter, the company reported earnings of $3.73 a share, compared with the consensus estimate of $3.49 among Wall Street analysts tracked by FactSet. Revenue came in at $8.54 billion, in line with analysts\u2019 expectations of $8.54 billion. Paid subscription net additions were 8.8 million versus the 6.1 million estimate.<\/p>\n

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Netflix also forecast revenue of $8.7 billion for the current quarter, compared with the consensus view of $8.78 billion.<\/p>\n

\u201cWe\u2019re optimistic about our prospects and the future of entertainment,\u201d management said in a letter to investors.<\/p>\n

Regarding the current work stoppage with SAG-AFTRA, Netflix said: \u201cWe\u2019re committed to resolving the remaining issues as quickly as possible so everyone can return to work making movies and TV shows that audiences will love.\u201d<\/p>\n

Netflix shares were up 12% in late trading to $389.<\/p>\n

The company\u2019s profitability is also improving. Netflix expects an operating profit margin of 20% for 2023, which is at the high end of its prior guidance range of 18% to 20%. Management now predicts better operating margins next year, telling investors to expect a range of 22% to 23%.<\/p>\n

There were changes in pricing. Effective Wednesday, the streaming company said, it is raising the U.S. monthly prics of its Premium plan to $22.99 from $19.99, while its Basic plan will go to $11.99 from $9.99. In July, Netflix removed the option for new customers to subscribe to the Basic plan. The company said the prices for its ad-supported and Standard plans will remain the same. <\/p>\n

Netflix called out the success of \u201cOne Piece,\u201d which was a live-action adaptation of a best-selling manga series. The show generated much conversation on social media and garnered 62 million views.<\/p>\n

As of Wednesday\u2019s close, Netflix shares had fallen 27% over the last three months on concerns about its profitability and growth prospects. The company\u2019s latest numbers have put some of those worries to rest.<\/p>\n

Write to Tae Kim at tae.kim@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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