Netflix has added another 5m subscribers as viewers continued to flock to the streaming giant for hits such as Emily in Paris. The US tech company saw its subscriber base grow to almost 283m in the third quarter as it shrugged off the impact of last year’s Hollywood actors’ and writers’ strikes. Revenues were up 15pc to $9.
8bn, while profits rose to $2.4bn as the company continues to benefit from its crackdown on password sharing. In a letter to shareholders, Netflix said it was focused on profitability as it ramps up its advertising offering.
It said: “We have much more work to do improving our offering for advertisers, which will be a priority over the next few years.” The latest figures were more muted than the surge in profits posted in the second quarter, when Netflix cashed in on new releases including Baby Reindeer and the latest series of Bridgerton. But the company still pulled in viewers for new releases such as Emily in Paris and The Perfect Couple.
Netflix said it expected revenue growth of 15pc in the final three months of the year, boosted by releases such as the second series of Squid Game, while it expects revenues to rise to as much as $44bn next year thanks to a combination of subscriber growth and price increases. 09:35 PM BST Join us in the morning for the latest markets news Thanks for joining us this evening for the Netflix results. will be back in the morning to cover the opening of London’s markets.
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