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Netflix Reports Q4 Subscriber Beat, Hastings to Step Down, Shares Up 5%
Jan 20, 2023 10:06 AM - Davit Kirakosyan
Image credit: FMP
Netflix, Inc. (NASDAQ:NFLX) shares soared more than 5% pre-market today after the company reported that it had gained 7.66 million new paid subscribers globally in Q4, surpassing its expectation of 4.5 million new subscribers. The growth was attributed to the success of the company's content in Q4 and the retention of existing subscribers.
EPS was $0.12, worse than the Street estimate of $0.59, while revenue came in at $7.85 billion (up 2% year-over-year), compared to the Street estimate of $7.84 billion.
The company anticipates that in the first quarter of 2023, revenue will be $8.172 billion (an increase of 4% from the previous year) and earnings per share will be $2.82, compared to the expected $2.97.
The company also expects a modest increase in new subscribers during the first quarter of 2023 and plans to expand its paid sharing options later in the quarter, which is expected to result in a different pattern of new subscriber growth in the coming year.
Additionally, the company announced that CEO Reed Hastings will transition to the role of executive chairman and Greg Peters will become co-CEO and a member of the Netflix board.
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