Netflix Inc (NASDAQ:NFLX) is expected to report growth on both the top and bottom lines when it hands down its third quarter financial results after the closing bell on Wednesday, October 18.
The streaming service expects to report earnings per share for the quarter of $3.52, up from $3.10 in the same period last year.
Wall Street analysts, however, expect Netflix to report EPS of $3.47.
Both the company and analysts expect revenue of about $8.5 billion, which represents year-over-year growth of 7.5%.
Netflix said when handing down its second quarter earnings in July that it expects revenue growth to accelerate in the second half of 2023 as monetization grows from its paid sharing launch and its ad-supported plan.
“We expect that our revenue growth will accelerate more substantially in 4Q 2023 as we further monetize sharing between households and steadily grow our advertising revenue,” the company said.
For 3Q, paid net additions are expected to be similar to the previous quarter’s 5.9 million, Netflix said.
Netflix shares finished Tuesday's trading day at US$355.72, down 1.4% on the day. Shortly before noon on Wednesday, its shares were down another 1.6% at about US$350.
- Updated with share price movement -
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