November 27, 2022

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Netflix disappoints operating margin - less customer leaks than expected

Netflix disappoints operating margin – less customer leaks than expected

Netflix published numbers for the second quarter after the closing time on the New York Stock Exchange on Tuesday, and they are up significantly in the aftermarket.

Revenue ended up at $7.97 billion. Up front, the consensus estimate from Bloomberg Station was 8.05 billion. Although revenue ended below expectations, this corresponds to growth of about 8 percent from the same period last year, with revenue of $7.34 billion.

On the other hand, operating profit closed at $1.58 billion, versus expectations of $1.72 billion. EBIT margin has fallen significantly, from 25 percent in the second quarter of 2021 to 19.8 percent in the second quarter of 2022.

score for each. GAAP stock closed at $3.20 versus Bloomberg’s advance estimate of $2.92.

The dropout from customers was also better than expected. Netflix ended the second quarter with 970,000 subscriptions less than it started the quarter with. Up front, Bloomberg Intelligence predicted a decrease of 2 million customers.

Segments in North America and Europe accounted for a decrease in subscribers, as the number of subscribers decreased by 1.27 million and 770 thousand customers, respectively. On the other hand, the Asian segment increased by 1.08 million customers.

The company also ended the quarter with positive (non-GAAP) cash flow of approximately $12 million. By comparison, cash flow for the fourth quarter was about $800 million.

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