Netflix (NFLX) Q3, Q4 Subscriber Guidance Beats on 'Squid Game' Success
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Netflix (NASDAQ: NFLX) third-quarter financial results beat on the bottom-line but were in-line on the top-line. However, subscriber numbers beat for the current quarter and were guided above the Street for the fourth quarter in part on the success of "Squid Game."
The company reported EPS of $3.19 beating the Street estimate of $2.56. Quarterly revenue grew 16% year over year to $7.48 billion (in-line with consensus) driven by a 9% and 7% increase in average paid streaming memberships and average revenue per membership, respectively.
The company added 4.38 million (vs. Street of 3.5 million) global streaming subscribers in Q3, closing the quarter with 214 million paid memberships.
The company provided its Q4 outlook, with expected revenue of $7.7 billion and EPS of $0.80, compared to the Street estimates of $7.68 billion and $1.10, respectively. The company anticipates 8.5 million global streaming subscriber additions during the next quarter, which is above the consensus estimate of 8.33 million.
Netflix said its new Korean TV show "Squid Game" has become its biggest TV show ever and a "mind-boggling" 142 million member households have tuned in to watch it during the first four weeks.
Shares of Netflix are fractionally higher after-hours.
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