Netflix topped Wall Street estimates across the board in the third quarter, marking the start of what the streaming giant hopes is its big comeback.
Global subscriber levels reached 223.09 million, up from 220.67 million in the prior quarter, ending a streak of two quarters when subscriber levels fell.
Revenue and earnings per share also both came in ahead of expectations. The gain of 2.4 million subscribers more than doubled analysts’ consensus estimate of 1.09 million.
Revenue of $7.926 billion and earnings per share of $3.10 exceeded forecasts for $7.84 billion and $2.19, respectively. The company has been on its back foot through most of 2022 after two straight quarters of subscriber declines and a 70% drop in stock price (from which shares have bounced back to some extent).
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