The company is expecting to pick up 4.5 million customers in the fourth quarter of 2022.
Netflix Inc reversed customer losses that had hammered its stock this year and projected more growth ahead, reassuring Wall Street as it prepares to offer a new streaming option with advertising.
From July through September, Netflix attracted 2.4 million new subscribers worldwide, more than double what Wall Street expected. Most established services have stopped growing in the United States, where the market has reached maturity. Newer entrants, such as Paramount Global’s Paramount+, are picking up market share thanks to live sports programming.
Netflix estimated that competitors would end 2022 with combined operating losses of “well over $10 billion,” compared with Netflix’s annual operating profit of $5 billion to $6 billion. The company’s forecast of 4.5 million customer pickups by the year’s end came in slightly ahead of Wall Street estimates, which had averaged 4.2 million. For the fourth quarter, Netflix projected revenue of $7.8 billion, a sequential decline it blamed on the strong value of the U.S. dollar. with advertising to attract cost-conscious customers.
PP Foresight analyst Paolo Pescatore predicted some of Netflix’s current subscribers will switch to the lower-priced option.
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