NFLX results showed subscriber growth came in better than expected at 7.66m. This was almost 70% than its projection of 4.5m. Wall street had a forecast of 4.6m.
Revenue was up 1.8% to $7.85bn, in line with estimates. Company operating income was $550m, 66% better than the forecast number. Free cash flow was 1.6bn, higher than its forecasted $1bn. The company expects "at least" $3bn in free cash flow for 2023.
COO Greg Peters will replace Co-CEO Reed Hastings, with Hastings moving to executive chair.
The company is "pleased with [its] progress" regarding the recently introduced ad-supported subscription tier and expects a broad rollout of "paid sharing" later this quarter.
The company continues to target double-digit revenue growth, growing operating margins and generating positive cash flow.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.