Netflix announced on Wednesday that its quarterly revenue and subscriptions increased, thanks to its efforts to curb password sharing.
Here’s the breakdown of what the company reported for the second quarter compared to analysts’ expectations, according to Refinitiv:
Earnings: $3.29 per share versus the expected $2.86 per shareRevenue: $8.19 billion compared to the expected $8.30 billion
The streaming giant revealed that it gained 5.9 million customers during the second quarter as a result of its crackdown on password sharing in the U.S. Netflix also announced that it would extend this new policy to all its customers on Wednesday.
After hours trading saw Netflix’s stock drop by as much as 8%.
The company reported a revenue of $8.19 billion, a 3% increase from the prior-year period’s $7.97 billion. Net income also rose from $1.44 billion in the year-ago quarter to $1.49 billion.
This earnings report comes at a time when investors are seeking more information about the rollout of Netflix’s ad-supported streaming tier and its efforts to increase subscriptions by addressing account sharing.
However,…
2023-07-19 18:05:21
Post from www.cnbc.com
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