Netflix reverses decline with renewed growth in subscribers


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Netflix is growing again and Hollywood can breathe a sigh of relief.

The streaming leader added 2.41 million customers in the third quarter, exceeding internal forecasts as well as expectations on Wall Street. Netflix grew in all regions of the world and said on Tuesday it expects to sign up another 4.5 million users globally this period.

While Netflix is not growing as it was a couple years ago, the world’s most popular streaming network is back on a positive trajectory after erasing customer losses in the first half of the year.

That is good news for investors, who suffered steep stock-market losses when the company reported slowing growth earlier in the year.

“After a challenging first half, we believe we’re on a path to reaccelerate growth,” the company said in a letter to shareholders.

'Stranger Things' in projection across the world — in pictures

Shares of Netflix rose as much as 12 per cent to $268.88 in extended trading after the results were out. The stock was down 60 per cent this year through the close on Tuesday in New York.

A strong series of fresh programmes attracted millions of new viewers in the third quarter. The period started with new episodes of Stranger Things, one of the most popular TV series in the world.

Netflix also released the Korean smash hit Extraordinary Attorney Woo, the movies The Gray Man and Purple Hearts, and the true crime drama Monster: The Jeffrey Dahmer Story, its second most popular English-language original series.

Revenue for the quarter grew 5.9 per cent to $7.93 billion, beating analysts’ projections.

Profit of $3.10 a share also topped estimates and the number of paying customers increased to 223.1 million.

However, it will not be all rosy going forward: Netflix is still on pace for its slowest growth in years. The company lost 1.2 million customers during the first half of the year — a decline that led investors and peers to reconsider their streaming investments.

The company estimates sales of $7.78bn this quarter, below the $7.98bn forecast by analysts. Earnings are expected to come in at 36 cents a share, a fraction of the $1.20 estimated on Wall Street.

Nonetheless, co-chief executives Reed Hastings and Ted Sarandos argue the company has plenty of room to grow.

The service accounts for about 8 per cent of TV viewing in the US and UK, two of its largest markets, and is adding market share every year, the company said in its letter. Netflix is also profitable, unlike the streaming services operated by most of its rivals.

Management plans to increase sales by introducing an advertising-supported version of the streaming service in November and charging for password sharing next year. Customers willing to watch Netflix with five minutes of advertising per hour can pay $7 a month, less than half of the cost of the most popular plan.

While investors have long judged Netflix based on the number of customers it adds every quarter, the company is trying to get them to consider more traditional financial measurements such as revenue and operating income. As a result, the company said it will no longer provide subscriber forecasts.

'Our Great National Parks' Netflix documentary — in pictures

Ferrari
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THE BIO

Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.

Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.

She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.

She is the youngest of three children, and has a brother and sister.

Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring  the natural world.

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
%3Cp%3EMATA%0D%3Cbr%3EArtist%3A%20M.I.A%0D%3Cbr%3ELabel%3A%20Island%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
The specs: 2019 GMC Yukon Denali

Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm​​​​​​​
​​​​​​​Fuel economy, combined: 12.9L / 100km

The specs

Engine: 3.9-litre twin-turbo V8

Transmission: seven-speed

Power: 620bhp

Torque: 760Nm

Price: Dh898,000

On sale: now

'The Woman in the House Across the Street from the Girl in the Window'

Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

The specs

Engine: 2.0-litre four-cylinder turbo

Power: 268hp at 5,600rpm

Torque: 380Nm at 4,800rpm

Transmission: CVT auto

Fuel consumption: 9.5L/100km

On sale: now

Price: from Dh195,000 

Results for Stage 2

Stage 2 Yas Island to Abu Dhabi, 184 km, Road race

Overall leader: Primoz Roglic SLO (Team Jumbo - Visma)

Stage winners: 1. Fernando Gaviria COL (UAE Team Emirates) 2. Elia Viviani ITA (Deceuninck - Quick-Step) 3. Caleb Ewan AUS (Lotto - Soudal)

The specs: 2018 Honda City

Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km

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INVESTMENT PLEDGES

Cartlow: $13.4m

Rabbitmart: $14m

Smileneo: $5.8m

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imVentures: $100m

Plug and Play: $25m

ENGLAND SQUAD

Goalkeepers Pickford (Everton), Pope (Burnley), Henderson (Manchester United)

Defenders Alexander-Arnold (Liverpool), Chilwell (Chelsea), Coady (Wolves), Dier (Tottenham), Gomez (Liverpool), James (Chelsea), Keane (Everton), Maguire (Manchester United), Maitland-Niles (Arsenal), Mings (Aston Villa), Saka (Arsenal), Trippier (Atletico Madrid), Walker (Manchester City)

Midfielders: Foden (Manchester City), Henderson (Liverpool), Grealish (Aston Villa), Mount (Chelsea), Rice (West Ham), Ward-Prowse (Southampton), Winks (Tottenham)

Forwards: Abraham (Chelsea), Calvert-Lewin (Everton), Kane (Tottenham), Rashford (Manchester United), Sancho (Borussia Dortmund), Sterling (Manchester City)

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

UAE currency: the story behind the money in your pockets
Korean Film Festival 2019 line-up

Innocent Witness, June 26 at 7pm

On Your Wedding Day, June 27 at 7pm

The Great Battle, June 27 at 9pm

The Witch: Part 1. The Subversion, June 28 at 4pm

Romang, June 28 at 6pm

Mal Mo E: The Secret Mission, June 28 at 8pm

Underdog, June 29 at 2pm

Nearby Sky, June 29 at 4pm

A Resistance, June 29 at 6pm 

 

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Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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Brief scoreline:

Al Wahda 2

Al Menhali 27', Tagliabue 79'

Al Nassr 3

Hamdallah 41', Giuliano 45 1', 62'

TEST SQUADS

Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.

Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.

The%20specs
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KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Updated: October 19, 2022, 10:05 AM