Netflix Shares Up 13% on Subscriber Increase

Netflix reported third quarter earnings and subscriber figures that were higher than projected, sending the stock up 13% on Wednesday to close at $272.38.

The streaming leader said it had big hits across TV and film in the third quarter – launching some of the most watched series and films of all time on Netflix, including:
○ Monster: The Jeffrey Dahmer Story, Stranger Things Season 4, Extraordinary Attorney Woo, The Gray Man, and Purple Hearts

The company reported 223,090,000 paid memberships worldwide, a net increase of 2.41 million. Revenues were $7.9 billion in the quarter, up 5.9% from a year ago. Net income was $1.39 billion.

For the fourth quarter of 2022, the company projects adding 4.5 million subscribers and revenues of $7.7 billion.