Netflix Stock Soars Following Q3 Results: EPS Beat, Revenue Beat, Strong Subscriber Growth
Portfolio Pulse from Adam Eckert
Netflix Inc (NASDAQ:NFLX) reported Q3 revenue of $8.54 billion, beating the consensus estimate of $8.53 billion, and earnings of $3.73 per share, beating the estimate of $3.49. The company attributed the strong results to higher-than-expected member growth, with paid net adds of 8.76 million. Netflix also highlighted the repurchase of $2.5 billion worth of its shares in the quarter and a buyback authorization increase of $10 billion. The company expects Q4 revenue of $8.692 million and earnings of $2.15 per share.
October 18, 2023 | 8:24 pm
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Netflix's Q3 results beat estimates, driven by strong subscriber growth. The company also repurchased $2.5 billion of its shares and increased its buyback authorization to $10 billion.
Netflix's strong Q3 results, which beat estimates, and the company's share repurchase are likely to have a positive impact on its stock price in the short term. The company's strong subscriber growth and positive outlook for Q4 also bode well for its future performance.
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