Bombshell Netflix results delight Wall St

Bombshell Netflix results delight Wall St: Streaming platform pulled in 2.4m new customers between July and September

Netflix reversed a decline in customer numbers and beat Wall Street expectations in its third-quarter results.

The streaming platform said last night it pulled in 2.4m customers between July and September, more than double analysts’ forecasts.

Netflix is hoping that its cheaper subscription option featuring adverts will help draw in new members, after the end of lockdowns and the cost of living crisis caused a sharp drop in subscribers.

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But even before this plan launches in November, customers were flocking to Netflix as the global total hit 223.1m. 

The US firm, which has distributed hits such as Blonde, made revenues of £7billion for the quarter, up 6 per cent from the same time year.

And it has forecast that for the full year, it will increase its customer base by 4.5m.

In its letter to shareholders, Netflix said: ‘Our competitors are investing heavily to drive subscribers and engagement, but building a large, successful streaming business is hard.’

In the UK, Netflix accounts for 8.2 per cent of video viewing – more than twice that of Amazon Prime and Disney+.

Shares jumped 14 per cent in after-hours trading in New York, though they were previously down almost 60 per cent in the year to date.