Netflix reported losing 200,000 subscribers in April, and another 970,000 in July.
Netflix gained 2.4 million new paid subscribers in the third quarter of this year, the company said in an
Tuesday, a reversal for the streamer after reporting losses for the first time in 10 years over the last two consecutive quarters.Netflix reported 223.09 million subscribers, up from the 220.67 million it reported in July and 213.56 million in the third quarter of last year.Netflix predicted it will continue to grow its subscriber base and add 4.5 million paid users by the end of the fourth quarter.
The company generated $1.4 billion in net income in the third quarter, down nearly 4% from a year ago, and revenue grew 5.9% to $7.9 billion, both of whichMuch of the growth came from the Asia-Pacific region, where 1.4 million paid memberships were added in the third quarter. Netflix’s share price jumped almost 14% in after-hours trading Tuesday and stood at $273.78 as of 4:30 p.m., after closing at $240.86.In November, Netflix plans to launch a cheaper ad-supported tier, the first time ads will be coming to the streaming service. Amid tight competition for viewers attention, Disney+ is also launching an ad-supported tier in December.
this year. Netflix credited its third-quarter subscriber boost to programming, including the release of the fourth season ofIn the third quarter, Netflix produced 1,024 episodes of original TV content, according to a report published last week by research firm MoffettNathanson. That’s a record for the company, and five times that of any other streaming service, the report said. Nearly 160 original shows were launched on the platform during that time period.
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