Netflix reversed its subscriber slide and is now showing off its sports content library with its third-quarter earnings release.
The streaming leader brought in 2.4 million subscribers to reach 223 million globally, rebounding from losses in the previous two quarters.
- Q3 revenue hit $7.93 billion, a 0.6% dip from the previous quarter, but a 5.9% year-over-year rise.
- Net income was $1.4 billion, holding steady with both the previous quarter and the same period last year.
- The company projected more strong subscriber growth in Q4 to 227.6 million and revenue of $7.78 billion.
The company compared itself to rivals Disney and Amazon in a letter to shareholders:
“Our competitors are investing heavily to drive subscribers and engagement, but building a large, successful streaming business is hard — we estimate they are all losing money, with combined 2022 operating losses well over $10 billion, vs. Netflix’s $5 to $6 billion annual operating profit.”
The company’s stock was up over 13% on Wednesday.
The company still doesn’t offer live sports programming, but it trumpeted its sports content in a trailer online prior to the NBA’s season-opening games on Tuesday.
Its “Drive to Survive” show on Formula 1 is credited with catalyzing the league’s skyrocketing popularity, but Netflix’s growing library includes shows about the 2008 men’s Olympic basketball team, Naomi Osaka, Bill Russell, Neymar, and many more.