10/18/2022, 10:02 PM (Source: TeleTrader)
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Chart for: Netflix

Netflix shares soar 14% after strong Q3 2022 results

Netflix Inc. announced Tuesday that its third-quarter fiscal 2022 revenue rose 5.9% to $7.93 billion, a result better than expected. The company's net income came in at $1.39 billion, down from $1.44 billion in Q2 2022, and the operating income reached $1.53 billion.

Nevertheless, the company declared a rise of 4.5% in its Global Streaming Paid Membership year over year to 223.09 million. Meanwhile, it also reported a better-than-expected figure for Global Streaming Paid Net Additions, reaching 2.41 million subscribers. The positive results come just as the company recently announced its new ad plan in the US and 11 countries.

"After a challenging first half, we believe we're on a path to reaccelerate growth. The key is pleasing members. It's why we've always focused on winning the competition for viewing every day," noted the report. Netflix shares rocketed by 14.59% immediately after the announcement to sell for $276.58.

Baha Breaking News (BBN) / JG