🧵 1) Netflix reports jump in subscriptions and revenue as crackdown on password sharing takes hold. Added 5.9 million customers in Q2. #business
🧵 1) Netflix reports jump in subscriptions and revenue as crackdown on password sharing takes hold. Added 5.9 million customers in Q2. #business
🧵 2) Quarterly revenue reaches $8.19 billion, up 3% YoY. Net income climbs to $1.49 billion. Stock falls 8% in after hours trading.
🧵 3) Expecting boost in revenue for H2 as paid sharing and ad-supported plan take hold. Forecasts $8.5 billion revenue for Q3.
🧵 4) Anticipates similar subscriber additions in Q3, with substantial revenue growth in Q4 due to password sharing crackdown.
🧵 5) Netflix rolls out new password policy, allows profile transfers or additional fee per person. Executives not giving specifics on paid sharing initiative yet.
🧵 Read more at: https://www.cnbc.com/2023/07/19/netflix-nflx-earnings-2q-2023.html
Short term spike.
No way in the world all the kids who got kicked off Mum's account half way through the series they were binging, keep paying the bill month on month.
(Me. I'm kids)