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Netflix posts third-quarter earnings beat, says viewer engagement remains ‘healthy’
Profit topped estimates, but Netflix cut its ad sales outlook and warned that fourth-quarter revenue growth will slow for a fourth straight quarter.
- On Tuesday, Netflix Inc. reported $12.9 billion in third-quarter sales, meeting Wall Street expectations, though the company forecast $13.4 billion for the year's final three months, falling short of analyst predictions.
- The pace of growth has fallen from 17.6% in the final quarter of last year to a projection of 11.5% for this year's fourth quarter, while Netflix stock has declined about 40% over the past year.
- Advertising business revenue is on pace to deliver $300 million less than expected, and last week, Netflix announced the departure of Chief Content Officer Bela Bajaria alongside layoffs affecting roughly 1,000 employees.
- New advertising features introduced Tuesday aim to help brands connect with audiences, as Netflix continues to post solid profits through its ad-supported tier, remaining the biggest player in the streaming realm.
- Intensified competition from the likes of YouTube has forced the media industry to face consolidation and spinouts, while advertising has become a major revenue driver as streaming subscriber additions have slowed in recent years.
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In the third quarter, Netflix reached $12.9 billion in sales - a figure that matches Wall Street forecasts
berlingske.dk+2 Reposted by 2 other sources
Netflix shares fell by just over four percent after the company reported third-quarter results.
·Copenhagen, Denmark
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(Seoul = Yonhap News) Reporter Jung Joo-ho = Although Netflix's third-quarter earnings exceeded market expectations, it failed to shake off concerns over stagnant viewing hours and sluggish advertising business, leading to after-hours...
·Seoul, Korea (the Republic of)
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Zeit Online+3 Reposted by 3 other sources
·Germany
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Coverage Details
Total News Sources90
Leaning Left26Leaning Right10Center27Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 41%
C 43%
R 16%
Factuality
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