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10/19, 10:01 PM (Source: TeleTrader)
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Netflix-0.17%

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Netflix Q3 revenue surges 16.3% to $7.48 billion

Netflix Inc. reported its third-quarter earnings results on Tuesday, saying that the company's revenue met estimates by reaching $7.48 billion, with diluted earnings per share topping estimates at $3.19. Global paid net subscriber additions surpassed expectations at 4.4 million.

"After a lighter-than-normal content slate in Q1 and Q2 due to COVID-related production delays in 2020, we are seeing the positive effects of a stronger slate in the second half of the year... We're very excited to finish the year with what we expect to be our strongest Q4 content offering yet, which shows up as bigger content expense and lower operating margins sequentially," the shareholder letter noted.

Commenting about the outlook for the final trimester of 2021, Netflix said it expects an annual revenue increase of above 16%, with a 9% growth of streaming paid memberships worldwide. Netflix shares slightly increased after-hours following the earnings announcement.

Breaking the News / ND