{"id":74694,"date":"2023-10-20T02:38:21","date_gmt":"2023-10-20T06:38:21","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/netflix-jumps-14-after-surge-in-third-quarter-subscribers-earns-analyst-upgrades\/"},"modified":"2023-10-20T02:38:25","modified_gmt":"2023-10-20T06:38:25","slug":"netflix-jumps-14-after-surge-in-third-quarter-subscribers-earns-analyst-upgrades","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=74694","title":{"rendered":"Netflix jumps 14% after surge in third quarter subscribers; earns analyst upgrades"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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Investing.com — Netflix (NASDAQ:) shares jumped more than 13.5% in pre-market Thursday trading after it handily beat profit expectations as subscriber numbers rose.<\/p>\n

The streaming giant reported \u00a0of $3.73 on revenue of $8.54 billion. Analysts expected EPS of $3.49 and revenue of $8.54 billion. The third quarter results beat Netflix\u2019s previous guidance.<\/p>\n

The company said paid subscribers rose 8.76 million in the third quarter, well above expectations for just over 6 million.<\/p>\n

\u201cThe last six months have been challenging for our industry given the combined writers and actors strikes in the US,\u201d Netflix said in a shareholder letter, noting that while the writers\u2019 strike has ended, it continues to talk to the actors\u2019 unions. \u201cWe\u2019re committed to resolving the remaining issues as quickly as possible so everyone can return to work making movies and TV shows that audiences will love.\u201d<\/p>\n

For the fourth quarter, Netflix sees earnings per share of $2.15 and revenue of about $8.69 billion. The revenue growth is expected to be around 10.7%, after growing 7.8% in the third quarter.<\/p>\n

The company said operating margin in the third quarter was 22.4%, slightly above its guidance, and it sees 2023 operating margin near the top of its range at 20%.<\/p>\n

KeyBanc\u00a0analysts upgraded shares to Overweight with a $510 per share price target.<\/p>\n

“In our view, Netflix is entering 2024E a cleaner story as: 1) paid sharing appears to have changed Netflix’s ability to reach the next ~250M subs; 2) operating profit and FCF are steadily ramping; and 3) buybacks should support a 25%+ EPS growth profile,” they said in an upgrade note.<\/p>\n

JPMorgan\u00a0analysts hiked the price target to $480 per share on the Overweight-rated stock.<\/p>\n

“We\u2019re encouraged that NFLX is executing on Paid Sharing by converting borrower households, contributing to revenue acceleration to +12% FXN in 4Q, & we believe the forecast for similar net adds to 3Q +\/- a few million should skew to the upside given more favorable seasonality in 4Q & a strong content slate,” the analysts wrote.<\/p>\n

Additional reporting by\u00a0Senad Karaahmetovic<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com — Netflix (NASDAQ:) shares jumped more than 13.5% in pre-market Thursday trading after it handily beat profit expectations as subscriber numbers rose. The streaming giant reported \u00a0of $3.73 on revenue of $8.54 billion. Analysts expected EPS of $3.49 and revenue of $8.54 billion. The third quarter results beat Netflix\u2019s previous guidance. The […]<\/p>\n","protected":false},"author":1,"featured_media":38487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-74694","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nNetflix jumps 14% after surge in third quarter subscribers; earns analyst upgrades | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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