NFLX: Netflix Stock Skyrockets 13% on $8.5B Revenue, 8.8M New Users

The streaming giant delivered upbeat quarterly figures, raising investors’ expectations for a renewed move into more growth.

• Netflix stock NFLX surged in after-hours trading Wednesday after the company delivered solid earnings data. Shares of the streaming platform gained 13% on a third-quarter earnings beat and revenue that matched Wall Street estimates.
• For the third quarter, Netflix pocketed $3.73 per-share earnings, topping the $3.49 eyeballed by Wall Street. Revenue arrived at $8.54bn, in line with expectations. The biggest surprise: after a sweeping password-sharing crackdown, net paid subscriptions spiked to 8.8 million, blowing past estimates for 6.1 million.
• Looking ahead, Netflix expects sustained growth. For the current quarter, the company is aiming to collect $8.7bn in revenue, slightly below the consensus call of $8.78bn. Operating profit margin is projected to land at 20% for 2023. Netflix shares are up a modest 17% on the year.