The Globe and Mail reports in its Friday, Oct. 18, edition that Netflix picked up 5.1 million streaming subscribers in the third quarter, topping Wall Street estimates by more than one million users, and said it expected higher customer growth around the holidays when Korean drama Squid Game returns. A Reuters dispatch to The Globe reports that investors had expected Netflix to bring in four million subscribers from July through September. New programming during the period included murder mystery The Perfect Couple and romantic comedy Nobody Wants This.
Diluted earnings per share landed at $5.40, above the consensus forecast of $5.12 (all figures U.S.). Revenue hit $9.82-billion, just ahead of the $9.76-billion consensus forecast.
Netflix projected its customer additions for the last three months of the year, traditionally a strong period around the Christmas holiday, would outpace the September quarter, though it did not provide a number.
Netflix has been trying to shift investor attention away from subscriber sign-ups to other metrics, including revenue growth and profit margins. The company said its operating margin hit 30 per cent in the quarter, compared with 22 per cent a year earlier.
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