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Netflix Q2 Earnings Report 2023


Netflix Q2FY23 Earnings: The Company Reports Steady Growth Amidst the Backdrop of Two Strikes

Netflix (NFLX) reported Q2FY23 revenue of $8.2 billion increased by 2.7% YoY. Revenue growth was driven by a 6% increase in average paid membership, while ARM declined 3% YoY. (Source: Netflix)

The company's subscriber growth surges to 5.9 million subscribers globally bringing a total of 238 million subscribers in the second quarter amidst the crackdown on password sharing and a relatively new advertising tier. The company said that its password-sharing crackdown is working it has caused more signups than cancellations. Netflix's password-sharing policy only went into effect in the US in late May after the streamer started alerting the users of the extra charge of $7.99 per month charge. This saw a dramatic surge in subscribers in the days following the crackdown. Apart from the US, the company rolled out this in Canada, Portugal, New Zealand, and Spain. (Source: The Verge)

The company reported an operating income of $1.8 billion, up by 16% as compared to $1.6 billion Q2FY22. Operating margin stood at 22%, compared with 20% in Q2FY22. (Source: Netflix)

Netflix in November launched a cheaper $6.99 per-month advertising tier making it a full $3 cheaper than its current cheapest plan, the $9.99 Basic plan. The Basic With Ads plan operates similarly to the $9.99 Basic plan.

Moreover, Netflix forecasts for the next quarter revenue of $8.5 billion, an increase of 7% YoY. The growth is expected to come from growth in average paid memberships. (Source: Netflix)

The company expects a free cash flow of $5 billion for 2023. Earlier, Netflix anticipated it would have $3.5 billion, but the extra $1.5 billion reflects “lower cash content spend in 2023 than they anticipated' due to the Hollywood and actor's strike. Moreover, the company is targeting a full-year 2023 operating margin between 18% to 20%. For the next quarter, Netflix anticipates subscriber gains of about 6 million again. (Source: Netflix)

Netflix shares were down 8.9% after the results at $435 and closed at $435 up by 0.59%. (Source: Reuters)

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