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Netflix just released its earnings report. Investors are shocked.

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Remember the big news that Netflix lost subscribers faster than Vecna ​​gobbled up victims?

That was last quarter.

Last afternoon, the streaming giant reported its third quarter earnings and the results are above their bold forecast.

In a classic case of underpromising and overdelivering, Netflix added 2.41 million subscribers from July to September 2022, doubling the 1 million new subscribers the company had forecast.

Netflix also brought in $7.93 billion in revenue vs the $7.85 billion expected.

In a letter to its shareholders, the company said:

After a challenging first half, we believe we are on track to accelerate growth again. The key is to please members. That’s why we’ve always focused on winning the competition for every day watching. When our series and movies get our members excited, they tell their friends, and then more people watch, join in and stay with us.

And it was a challenging first half. Netflix lost 200,000 subscribers in the first quarter and nearly a million in the second. The stock plummeted to nearly 70% of its value. As a result, the streamer laid off 450 people from its workforce of nearly 11,000 employees.

But in the past month, strange things happened that helped Netflix grow to 223 million subscribers worldwide. The company attributed the resurgence to the success of shows like “Monster: The Jeffrey Dahmer Story,” “Stranger Things: Season 4,” “Extraordinary Attorney Woo,” and “Purple Hearts.”

Netflix also noted the advantage they have over competitors newer to the streaming game, writing:

“Our competitors are investing heavily to drive subscribers and engagement, but building a large, successful streaming business is difficult — we estimate they are all losing money, with combined operating losses exceeding $10 billion in 2022, versus Netflix’s $5 to $6 billion annual operating profit.”

Hopefully some of the lost jobs can come back.

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