Netflix reports 2.4M new subscribers, market cap jumps to $30B
By MYBRANDBOOK
Netflix bounced back in Q3 after two straight quarters of subscriber losses, which wiped billions of dollars of its market cap. The streaming giant reported 2.4 million new paid subscribers between June and September, causing its shares to skyrocket more than 18%.
According to data presented by AugustaFreePress.com, Netflix's market cap jumped by more than $30bn after the last earnings report.
Over the years, Netflix has grossed more than $143bn due to its ever-growing subscriber base. However, after constantly increasing its prices, the streaming giant lost 1.2 million subscribers in the first half of 2022, allowing its rivals to gain ground.
Statista and the company's data show that Netflix had 221.8 million paid subscribers in December last year. At that time, its market cap amounted to around $260bn. After the streaming giant reported the first shocking subscriber loss in April, its share price dipped to the lowest point in years, wiping more than $50bn off the market cap.
By mid-2022, the number of people paying for Netflix services dropped to 220.6 million, while the combined value of shares of the streamer plunged to $77.9bn, a 70% plunge in eight months.
The YCharts data show Netflix's market cap stood at $95.3bn on October 11, down from $105bn a month before. But a week after the company reported subscriber growth, its market cap jumped to $126bn. However, that still shows a massive 52% year-over-year drop from $267.2bn in October last year.
After a challenging first half of the year, Netflix might be back on a path to reaccelerate growth. Besides gaining new subscribers, the streaming giant also reported better-than-expected revenue in Q3. The company's earnings report showed Netflix grossed $7.93bn between June and September, missing analysts' expectations of $7.83bn.
This was the company's second most successful quarter by earnings, following the $7.97bn reported in Q2 2022. Statistics show Netflix grossed $23.75bn in nine months of 2022, or 9% more than in the same period a year ago.
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