LOS GATOS, Calif.—Netflix reported that its global streaming paid memberships grew to 223.09 million, up 4.5% or 2.41 million subs from a year earlier as both sub counts and revenue exceeded the company's guidance.
The Q3 2022 sub counts were also up from the 220.67 million global subs reported in Q2 2022 and reversed two quarters of subscriber declines in the first and second quarters of 2022 that hammered Netflix stock.
The sub growth easily beat the company’s 1.0 million forecast.
In U.S. and Canada, Netflix saw a slight increase of subs from 73.28 million in Q2 2022 to 73.39 million in Q3 2022, reversing two quarters of declines.
But the Q3 2022 sub counts for U.S. and Canada were still below 74.01 million reported a year ago in Q3 2021.
Revenue also increased by 6% in Q3 compared to a year earlier, driven the company said by a 5% increase in the average paid membership. But operating income fell to $1.5 billion from 1.8 billion a year ago in Q3 2021.
Even so, earnings per share came in at $3.10 a share, above the predictions of most analysts.
Shares rose in after hours trading on the news and was up 14% to $275 a share in after hours trading at 7:10 p.m. ET.
George Winslow is the senior content producer for TV Tech. He has written about the television, media and technology industries for nearly 30 years for such publications as Broadcasting & Cable, Multichannel News and TV Tech. Over the years, he has edited a number of magazines, including Multichannel News International and World Screen, and moderated panels at such major industry events as NAB and MIP TV. He has published two books and dozens of encyclopedia articles on such subjects as the media, New York City history and economics.
Thank you for signing up to TV Tech. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.