Netflix outdoes own projections in third-quarter earnings

Asia's Tech News Daily

With an additional 4.4 million subscribers gained in the third quarter, the streaming-giant Netflix now boasts 213.5 million users globally, the company announced in a call to investors after the closing bell on Tuesday.

The record number surpassed the company’s expectations but went on to project a subscriber count of 222 million by the end of the next quarter.

Investors were thrilled with the news as Netflix shares jumped as much as two percent in after hours trading before going into the red for the rest of the night.

Netflix brought in $1.4 billion in profit, according to the earnings report, an increase of $790 million from a year before. Revenue also jumped 16% to $7.4 billion.

© Provided by New York Daily News Netflix gave its investors good news.

Netflix gave its investors good news.

For the company, the news is welcome after suffering from two slower quarters that did not show a massive increase in subscribers. Executives are hoping the latest numbers are an indicator that Netflix is righting the ship, CNN reported.

Despite the good news for Netflix, it remains at the center of contentious debate about the new Dave Chappelle comedy special, but at the same time, is reaping the rewards from the success of “Squid Game.”

“Netflix is a global, direct-to-consumer service which enables creators to reach broader audiences — and gives our members an even greater choice of stories to enjoy,” the company said to investors on Tuesday. “There is no better example of this than ‘Squid Game.’”

“Squid Game” proved to be the “biggest-ever series at launch,” with over 142 million member households tuning in to watch the show during the first month of its release.

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