Netflix (NASDAQ:NFLX) stock is on the rise Wednesday after the video streaming service reported earnings results for the third quarter of 2022.
Kicking off that report is the company’s diluted earnings per share (. That’s better than the $2.13 per share that Wall Street had expected, even if it’s a drop from the $3.19 per share reported in Q3 2021. ) of $3.10
Another boon for NFLX stock comes from its revenue of $7.93 billion. Yet again, that beat out analysts’ revenue estimate of $7.84 billion. It’s also a 6% increase year-over-year (YOY) from $7.48 billion in the prior-year period.
Another bit of exciting news from the earnings report is the fact that Netflix reached 223.09 million subscribers. That’s good news for the company as it represents subscriber growth. This has been a concern of NFLX stock investors after the company reported subscriber losses in the first two quarters of 2022.
Weak Q4 Guidance Isn’t Keeping NFLX Stock Down
Today’s earnings beats have investors boosting the price of NFLX stock. That’s despite less-than-stellar guidance for the upcoming quarter. The company expects EPS of 36 cents alongside revenue of $7.78 billion for Q4. That would miss Wall Street’s estimates of $1.12 per share on revenue of $7.98 billion for the period.
Either way, NFLX stock is seeing strong trading as markets open this morning. As of this writing, more than 8 million shares have changed hands. That’s quickly approaching the daily average trading volume of 10.9 million shares.
NFLX stock is up 12% as of Wednesday morning.
Investors looking for more of the latest stock market news are in luck!
InvestorPlace is home to all of the most recent stock market news for Wednesday! Among that is the biggest pre-market stock movers from this morning and some quick refreshers on yesterday’s stock market news. You can find all of that at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.