Netflix Inc. added more subscribers than expected in the final quarter of 2022, sending shares higher in late trading Thursday even as founder Reed Hastings...
Netflix Inc. added more subscribers than expected in the final quarter of 2022, sending shares higher in late trading Thursday even as founder Reed Hastings prepared to step down from the chief-executive role he has maintained since the company’s inception.
Netflix NFLX announced that Hastings would become executive chairman, while Chief Product Officer Greg Peters moves up to co-CEO, joining Ted Sarandos. Wall Street analysts tracked by FactSet had estimated revenue of $7.86 billion on earnings of 55 cents a share. Shares increased more than 6% in after-hours trading immediately following the release of the results, after closing with a 3.2% decrease at $315.78.
“While much of the sell side and buy side focus of late has been the [advertising-platform] launch, we actually think disclosure will be limited as will the impact on estimates,” Wells Fargo analyst Steven Cahall said Wednesday in a note that raised net add estimates by 300,000 to 4.8 million and fourth-quarter revenue projections to $7.9 billion from $7.8 billion. “Instead, we think password sharing is the bigger catalyst near term.
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