New York: Global streaming service Netflix beat Wall Street expectations by adding 5.1 million new subscribers in the third quarter. The company’s advertising service has played an important role in this success, through which more than 50 percent of subscribers have been added.
The company’s performance surpassed an expected target of 4 million subscribers, sending its shares up 4.8 percent on Thursday. However, this growth was lower than the 8.76 million subscribers achieved in the same period last year.
Netflix’s revenue rose to $9.825 billion, compared with analysts’ forecasts of $9.769 billion. Its operating margin reached 30 percent, up from 22 percent last year. The company earned $5.40 per share, beating analysts’ expectations of $5.12.
The company has announced that from 2025 it will no longer release subscriber figures and will focus on financial metrics such as revenue and profit margins. Netflix’s advertising service is expected to play an even more important role by 2026.
