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Netflix (NFLX) reported third-quarter results that topped analysts’ estimates on the top and bottom lines, sending shares higher after the bell Thursday.
The streaming giant posted third-quarter revenue of $9.83 billion, up 15% from a year ago and above the analyst consensus from Visible Alpha. Net income came in at $2.36 billion or $5.40 per share, compared to $1.68 billion or $3.73 per share a year earlier, also beating projections. Total active subscribers climbed 14% to 282.72 million, just above Street expectations though the pace of growth slowed from the prior two quarters.
The company said it expects full-year revenue to grow 15% year-over-year, at the higher end of its previously announced range.
Shares of Netflix, which were up over 41% for the year through Thursday’s close, rose more than 4% in extended trading following the release.
Subscriber Data Will Soon Disappear
Analysts have credited Netflix’s efforts to eliminate password sharing with improving its subscriber numbers, but the company has said it will stop reporting them in 2025, focusing instead on financial metrics.
That means the last subscriber update from Netflix will come a quarter from now, just after the streamer airs its first NFL games on Christmas Day. Analysts at KeyBanc said nearly a quarter of people surveyed who aren’t already Netflix subscribers said the games would make them consider signing up.
Netflix is also set to become the official broadcaster of TKO Group’s (TKO) WWE professional wrestling events starting next year, as the streamer expands its sports offerings.
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