Netflix Surges after Massive Subscriber Growth
Oct 19, 2022 By MarketDepth
Netflix (NFLX:NYQ) is exploding higher with 2.41 million subscribers added this quarter and expected another 4.5 million sign-ups globally. Now that the pandemic is winding down, Netflix was losing subscribers after adding big numbers over the last few years.The company said they are back on track on fueling company growth.
Netflix is up 14% intraday after positive results but the company is still down 50% on the year. The tech sector which saw biggest growth over the pandemic is starting to take a bigger hit than other sectors.
The company has been pushing some fresh content which has brought in millions of new viewers to the platform. With a list of new hits, Netflix is driving increased viewership but will need to continue to create new programming to keep bringing in new users. Revenue this quarter grew 5.9% to $7.93 billion and increased their paying customers to 223.1 million.
Netflix also recently came out and discussed a lower tier which would include commercials for a cheaper price. They think this adjusted pricing will help keep users on the platform instead of cancelling due to price.This should help drive their subscriber count higher if all goes to plan.