Netflix (NFLX) earnings 2Q 2023

Netflix reported its second-quarter earnings after the bell on Wednesday. Here are the results:

• Earnings: $3.29 a share. That may not compare with the $2.86 per share expected by Refinitiv.
• Revenue: $8.20 billion. That may not compare with the $8.30 billion expected by Refinitiv.

The streaming giant said it added 5.9 million customers during the second quarter amid its broader crackdown on password sharing in the U.S. Netflix said it would roll out its new sharing policy to the rest of its customers on Wednesday.

The earnings report comes soon as investors are looking for more information regarding the rollout of Netflix’s ad-supported streaming tier and crackdown on password sharing.

Netflix said Wednesday it expects a boost in revenue in the second half of the year as it begins “to see the full benefits of paid sharing plus the steady growth in our ad-supported plan.”

Netflix said it now forecasts revenue of $8.5 billion, up 7% year-over-year, for the third quarter, attributing the revenue growth to more average paid memberships.

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