ALBAWABA - Netflix announced its quarterly results for the third quarter of 2023 on Wednesday, which showed strong performance due to the company's efforts to stop sharing account passwords, leading to an increase in the number of subscribers to the company's services.
Netflix's earnings per share reached approximately $3.73, exceeding expectations of $3.49 per share.
The company's quarterly revenues aligned with analyst expectations at $8.54 billion in the third quarter of this year.
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The total number of Netflix subscribers reached approximately 247.15 million in the third quarter, surpassing Street Account's expectations of around 243.88 million.
It's worth noting that Netflix's stock had faced negative expectations in the past week regarding its price targets, as analysts awaited clarification about the company's growth strategy.
Company executives had previously warned investors that the advertising level was still in its early stages and that shareholders should not expect it to have a significant impact on revenues until at least the end of the year.
Additionally, they indicated that operating margins would gradually increase in the future as they invest in more growth opportunities.
It has been less than six months since Netflix initiated its campaign to stop sharing passwords, so it is unclear what the impact of this initiative is on the company and the extent of executive involvement.
The company's stock declined before the earnings report on Wednesday but has risen by approximately 17% since the beginning of 2023.
