Netflix has reported its Q3 2023 financial results, showing a 7.8% increase in total revenue compared to the same period last year, reaching $8,542 million. The company also achieved a net profit of $1,677 million and a free cash flow of $1,888 million.
The ongoing effort to prevent account sharing has positively impacted Netflix’s subscriber base, which grew by an additional 8.76 million accounts in the quarter. The total number of subscribers now stands at 247.15 million. It is worth noting that the majority of this growth comes from lower-priced ad-supported packages, which increased by 70% compared to the previous quarter, although specific numbers were not disclosed. Additionally, 30% of new subscribers opted for the ad-supported package in countries where it is available.
In terms of content, One Piece emerged as a standout performer during the past quarter, with 62 million views. Suits, a legal drama series acquired by Netflix, received a highly positive response. Netflix continues to invest in acquiring popular series in the vein of Friends to strengthen its platform’s offerings.
Netflix highlighted the significant challenge it faced in the past six months due to work stoppages from the Writers Guild of America (WGA) and the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) in the United States. While negotiations with the WGA have concluded, the SAG-AFTRA situation is still ongoing. The company hopes for a swift resolution to this issue.
TLDR: Netflix has reported a 7.8% increase in total revenue for Q3 2023 compared to the previous year, reaching $8,542 million. The company’s net profit stood at $1,677 million, with a free cash flow of $1,888 million. The efforts to combat account sharing have contributed to the addition of 8.76 million subscribers, bringing the total to 247.15 million. Notable content includes One Piece and Suits, while challenges have arisen due to work stoppages by the WGA and ongoing negotiations with SAG-AFTRA. Netflix remains committed to expanding its series offerings.