Analysts raced to update Netflix valuations after it guided for EPS of $US2.82 in first-quarter 2023 and management hinted at the impact of ad-supported price changes.
Internet streaming trailblazer Netflix kicked off tech’s earnings season by thumping Wall Street’s expectations for subscriber growth on the back of popular new shows including Harry and Megan, Wednesday, and Glass Onion.
Greg Peters the chief operating officer will be promoted to co-chief executive, alongside Ted Sarandos. Management labelled 2022 a “tough year with a brighter finish”, which saw it amass 230.8 million paid subscribers, versus 221.9 million as at the end of 2021. Since November, Netflix offered budget conscious US subscribers a service that includes advertising for $US6.99 per month instead of $US15.49 per month. Management said it is pleased with the strategic results, but didn’t break out ad-supported subscriber numbers.Analysts speculated the ad-supported service boosted net subscribers by improving retention rates, although average revenue per membership fell 2 per cent year-on-year.
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