Netflix Beats Market Expectations with Q3 Revenue and Net Profit

Achieving Twice the Projected Number of New Members

[Image source=Yonhap News]

[Asia Economy Reporter Yujin Cho] U.S. online video service (OTT) Netflix recorded better-than-expected strong results for the third quarter.

On the 18th (local time), Netflix announced its third-quarter earnings, reporting revenue of $7.926 billion, up 5.9% year-over-year, and operating profit of $1.533 billion, down 12.64%.

Net income was $1.398 billion, similar to the same period last year ($1.449 billion). Earnings per share were $3.10.

Both revenue and earnings per share exceeded Wall Street expectations.

The number of new paid subscribers in the third quarter was 2.41 million, more than double the forecast of 1.07 million compiled by financial information firm Refinitiv.

Following the better-than-expected strong results, Netflix's stock price surged nearly 15% in after-hours trading.

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