Stellar Snippets
This Thursday, Netflix shares climbed almost 14% due to the than-expected third-quarter results.
The streaming platform had its best performance since the pandemic, with 8.8 million subscribers added.
Netflix recently limited account usage to one household and added an additional subscription option with advertisements in exchange for a lower rate.
The results, released after-hours on Wednesday, also caught analysts off guard with a forecast of similar subscriber growth in the upcoming fourth quarter.
In the third quarter, revenue reached $8.542 billion, marking a 7.8% year-on-year increase.
Meanwhile, net income increased from the previous year's $1.398 billion to $1.677 billion.
Over the past year, Netflix shares have seen almost a 30% increase, though they have tempered from their 2021 heights.
This is due to concerns about growth, given the increasing competition the platform faces in the streaming industry.
The streaming platform surpassed Wall Street expectations.