Netflix reports Q3 revenue up 7.8% YoY to $8.54B, vs. $8.54B est., and global paid memberships up 10.8% YoY to 247.15M, vs. 243.88M est.; NFLX jumps 18%+
Netflix co-CEO Ted Sarandos. Julia Alexander / @loudmouthjulia : Netflix: People just want most of what they want in one place. We have a projected $6.5 billion in FCF and are increasing content spend in 2024. We will continue investing in originals, but we will gladly take shows your companies can't hold onto — and make them hits for us. [image] Alex Sherman / @sherman4949 : Some detail on how the Netflix ad-tier is doing — “In Q3'23, our ads membership increased nearly 70% quarter-over-quarter and now accounts for ~30% of all new sign-ups in our 12 ads countries.” Alex Sherman / @sherman4949 : In part because the strike is limiting content spend this year, Netflix now expects FY23 free cash flow to be approximately $6.5B (+/- a few hundred million dollars), up from prior forecast of at least $5B, and vs. $1.6B in 2022. Alex Sherman / @sherman4949 : Netflix forecast — We forecast Q4'23 revenue of $8.7B, up 11% year-over-year, or 12% on an F/X neutral basis. For the fourth quarter, we expect paid net additions will be similar to Q3'23 (+/- a few million). See also Mediagazer
Interesting summary from $NFLX: “Since 2016, when we launched our service globally, we've been able to invest heavily in our slate (with content amortization up ~3X from $5B to ~$14.5B a year) while steadily increasing Netflix's operating margin (up 5X, from 4% to 20%) and... [im…
I genuinely would appreciate it more if streaming executives said, “We don't want to show our hand” when asked. I get why they don't. But, really...it would be more believable than some of these claims.
$NFLX on paid sharing: “The cancel reaction continues to be low, exceeding our expectations, and borrower households converting into full-paying memberships are demonstrating healthy retention. As a result, we're revenue positive in every region...” +9.5% AH [image]
Netflix forecast — We forecast Q4'23 revenue of $8.7B, up 11% year-over-year, or 12% on an F/X neutral basis. For the fourth quarter, we expect paid net additions will be similar to Q3'23 (+/- a few million).
In part because the strike is limiting content spend this year, Netflix now expects FY23 free cash flow to be approximately $6.5B (+/- a few hundred million dollars), up from prior forecast of at least $5B, and vs. $1.6B in 2022.
Some detail on how the Netflix ad-tier is doing — “In Q3'23, our ads membership increased nearly 70% quarter-over-quarter and now accounts for ~30% of all new sign-ups in our 12 ads countries.”
Netflix: People just want most of what they want in one place. We have a projected $6.5 billion in FCF and are increasing content spend in 2024. We will continue investing in originals, but we will gladly take shows your companies can't hold onto — and make them hits for us. [ima…