![]() The writer and actor strikes prompted Netflix to revise its projections on content spending to $13 billion in 2023, assuming the studios reach a settlement with striking actors "in the near future." Netflix's forecast for fourth-quarter revenue of $8.69 billion was slightly below analysts' estimates of $8.77 billion. Earnings came in at $3.73 per share, ahead of Wall Street's expectation of $3.49. The company posted revenue of $8.54 billion, in line with analyst forecasts. "As the competitive environment evolves, we may have increased opportunities to license more hit titles," Netflix said in its quarterly letter to shareholders. The series, starring Prince Harry's wife, Meghan Markle, originally aired on the USA cable network from 2011 to 2019. for 12 straight weeks after it hit Netflix. More than 70% of its members now reside outside the United States.ĭuring the quarter, "Suits" became the most-watched title across film, original TV and acquired TV on streaming in the U.S. Substantial subscriber gains came in Europe, the Middle East and Africa, where Netflix added nearly 4 million subscribers. The price hikes were announced in an earnings report that showed the company's global subscriber base reached 247 million at the end of September. "It is firing on all cylinders, with recent efforts all heading in the right direction," he said. PP Foresight analyst Paolo Pescatore said the third-quarter growth at Netflix was a testament to its recent crackdown on password sharing and the opportunities for growth as it moves into advertising. Investors welcomed the news, sending Netflix shares climbing to $390.80 in extended trading from a close of $346.19. The cost for premium rose by 2 pounds to 17.99 pounds in Britain and by 2 euros to 19.99 euros in France. price of its premium ad-free plan by $3 per month to $22.99. The company's third-quarter customer gains represented its strongest quarterly uptick since the second quarter of 2020, when lockdowns early in the global pandemic led to an unprecedented surge in streaming subscriptions. ![]() Sarandos said Netflix was "totally committed to ending this strike." Hollywood's film and television writers ratified a new contract this month, but actors remain on strike. "The same was true during COVID, when we were able to manage the slate through a prolonged and pretty unpredictable production interruption." ![]() ![]() ![]() "These are the times I'm glad we have such a rich and deep and broad programming selection," Netflix co-CEO Ted Sarandos said after the release of the quarterly results. The streaming giant also attracted new audiences to long-running television shows, such as the legal drama "Suits," which it licensed from Comcast, and HBO's World War Two series "Band of Brothers." Netflix pointed to the global success of "One Piece," a live-action adaptation of the venerable Japanese manga series and an example of its hefty investment in stories with local resonance that travel the world. Netflix makes many of its shows and movies overseas, which accounted for the bulk of its new sign-ups. The strong performance showed Netflix was thriving despite Hollywood labor tensions that shut down a large swath of U.S. Netflix said it expected a similar number of additions in the current quarter. LOS ANGELES (Reuters) -Netflix increased subscription prices for some streaming plans in the United States, Britain and France on Wednesday as it shattered expectations for new customers, sending its shares surging 13%.Īlmost 9 million subscribers joined Netflix around the globe in the third quarter, surpassing Wall Street analysts' forecast for 6 million, according to LSEG. ![]()
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