Abhoy Sarkar's Avatar
published in Blogs
Jan 20, 2023
Netflix (NFLX, $337.98) misses Q4 expectations; subscriber adds beats company projection

Netflix (NFLX, $337.98) misses Q4 expectations; subscriber adds beats company projection

Netflix posted fourth-quarter 2022 earnings of 12 cents per share, falling short of the Zacks Consensus Estimate by 74.47% (as reported by Zacks Equity Research). The figure is -91% lower from the year-ago quarter.

The streaming giant’s revenues were up +1.9% from the year-ago quarter to $7.85 billion, missing the consensus expectations by -0.18% (according to Zacks Equity Research). The average revenues per membership slipped -2% year over year on a reported basis, but grew +5% on a foreign-exchange neutral basis.

Netflix added 7.66 million paid subscribers globally, beating its own estimate of 4.5 million users. The figure was 8.28 million in the year-ago quarter. As of the end of the fourth quarter, the platform had 230.75 million paid subscribers globally, i.e. +4% higher year over year.

The company’s founder and its chief executive for 25 years, Reed Hastings, has stepped down from his co-CEO role and will serve as the executive chairman. Co-CEO Ted Sarandos will continue with his current role, and will be joined by new co-CEO Greg Peters.  Peters has been Netflix's chief operating officer for three years and chief product officer for six. 

Related Tickers: NFLX