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Netflix Slips As Higher Costs Await Amid Ramp Up In Originals

by Dio Dorcas
7 months ago
in Business
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Netflix stock fell 2% in premarket trading on Wednesday, as the streaming company only just met sales expectations in the third quarter and warned of a heavy investment schedule ahead.

NETFLIX
Netflix Slips As Higher Costs Await Amid Ramp Up In Originals

According to the company, margins in the current quarter will be less than half of those in the same period last year due to a heavy content release schedule resulting in higher amortization costs.

As it ramps up production and launches more originals, the company expects free cash flow to be negative in the current quarter. The company slowed down on originals last year as shoots were halted due to the pandemic, but the company’s cash registers rang as people stayed at home and binged on streaming.

Despite the fact that the company’s subscriber base is growing faster than expected, the company’s cash flow forecast is negative. Netflix added 4.38 million net new subscriptions in the third quarter, bringing the total number of paying subscribers to 214 million. According to Refinitiv data, analysts predicted 3.86 million new hires.

Netflix reported that 142 million households had watched ‘Squid Game,’ the Korean drama series that has become the streaming service’s most successful show in less than a month.

READ ALSO: Netflix Releases Date For KOB 2

The market, on the other hand, expected more. Those hoping for early monetization of the company’s foray into games were let down. According to the company, games will be included in members’ subscriptions and will be free of advertisements and in-app purchases, allowing “gameplay to be purely focused on enjoyment versus monetization”.

According to the company, paid memberships in the United States, Canada, and Latin America grew more slowly. For the second quarter in a row, Asia Pacific was Netflix’s largest contributor to membership growth, accounting for half of total paid net adds. Outside of the United States, Canada, and Europe, companies’ average revenue per user is typically lower, though Netflix does not provide region-specific ARPU figures.

Revenue increased by about 16 per cent to $7.48 billion in the third quarter. The adjusted profit per share was $3.19, which was higher than expected.

Tags: Netflix
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