The number of subscribers grew by 7.66 million in the fourth quarter, well above what analysts were expecting (4.57 million). The strong growth is already a confirmation of the earlier third quarter where the company was able to return to growth after a weak 1st and 2nd quarter. This brought the total number of subscribers to 231 million by the end of December.
Revenue was in line with expectations, coming in at $7.85B (+1.9%). Analysts had forecast revenue of $7.97B.
Earnings per share were remarkably lower (12cents vs. 45cents per share). According to Netflix, an accounting loss of $462 million due to the depreciation of the U.S. dollar vs. the euro.
The company also announced that Reed Hastings, co-founder, will no longer stay on as CEO. He will be replaced by Greg Peters. Hastings himself will become executive chairman.
Netflix remained remarkably vague about its new advertising subscription, which only launched in November. That subscription is significantly cheaper but in exchange users will be shown ads. However, it did not disclose the number of new subscribers who have already taken advantage of this new advertising subscription. The company only announces "that it is satisfied with the progress made and that the cheaper formula will boost subscriber growth". On the positive side, few existing premium subscribers are switching to the cheaper formula.
Netflix will no longer give indications on the number of subscribers. Keeping in mind the new ad-subscription format, the focus will be more on pure revenue rather than on membership growth.
For the first quarter of 2023, the company forecasts revenue growth of 4%, due in part to more paid memberships and more money per paid membership. Still in the first quarter, Netflix will launch the subprogram that allows additional (paying) users to be added to existing accounts. It is expected that a portion of viewers who previously watched for "free" will drop out but still Netflix assumes what was previously observed in Latin America. It was found that some of the initial co-users did sign up for their own accounts after all.
Netflix currently has $6 billion in cash on its balance sheet. Free cash flow for 2022 comes to $1.6 billion. For 2023, it is projected at $3 billion and that figure is likely to exceed $4 billion in 2024.
The majority of it will traditionally be used to reinvest in core businesses and for targeted acquisitions. In addition to the minimum cash held, the rest of the free cash flow will be used to repurchase its own shares.
Netflix (NFLX) Q4 2022 Earnings Call Transcript by Fool.com
After-hours, Netflix's share price rose more than 7%.
Since November 14, the long-term trend has changed from neutral to positive (according to our ChartMill Trend indicator, visible on the weekly chart on the right). Price is currently trading near the resistance zone located between $335 and $340. It looks like Netflix's share price will open higher. Technically, the stock is buy-worthy above $335. In that case, short-term traders can apply a stoploss below the $315 level. More defensive long-term investors can maintain the stoploss below the current swing low at $273.41.
Verb™ Presents Speaker Series welcomes Josh Dean, author of The Taking of K-129: The Incredible True Story of How the CIA Used Howard Hughes to Steal a Nuclear-Armed Russian Submarine and Attempt the Most Daring Covert Operation in US History. For the small cadre of those privileged with the "need to know," the endeavor was referred to as "Project Azorian."BAY AREA, Calif. - Jan. 26, 2023 - PRLog -- Verb™ Presents Speaker Series welcomes Josh Dean, author of The Taking of K-129: The Incredible True Story of How the CIA Used Howard Hughes to Steal a Nuclear-Armed Russian Submarine and Attempt the Most Daring Covert Operation in US History. For the small cadre of those privileged with the "need to know," the endeavor was referred to as "Project Azorian."In 1968, the USSR lost the K-129, a Golf II class, nuclear-armed submarine, and its crew of 83 souls. The vessel lay more than three miles deep on the ocean floor. Josh Dean's book unveils in masterful detail how the CIA planned and conducted its ambitious mission to retrieve the submarine, its nuclear missiles and code books in plain sight. The Wall Street Journal praises Dean's book as "an absorbing, suspenseful chronicle of a remarkable cold war episode."Josh Dean is a journalist, author, and the co-founder of the podcast production company, Campside Media, makers of such acclaimed hit podcasts. Over a long career as a narrative journalist, Josh has written dozens of magazine features, for numerous magazines, New York, Outside, Popular Science, and Bloomberg Businessweek. He has also co-created and hosted three chart-topping podcasts (The Clearing, Chameleon: Hollywood Con Queen, and Hooked), executive produced the hit Netflix docuseries Crime Scene: Vanishing at the Cecil Hotel, and written two books, Show Dog, and The Taking of K-129. His next book, currently underway, is The Impossible Factory, about the legendary aerospace designer Kelly Johnson and his Lockheed Skunk Works.Silicon Private Wealth is a Registered Investment Advisor with principals, portfolio managers and team members actively involved with philanthropic causes. Peter Coe Verbica and his family's roots are multi-generational in the Bay Area, including their link to landmark Henry Coe State Park. He is a Certified Financial Planner® and hosts the popular Verb™ Presents Speaker Series, which covers highly relevant topics, including, tax policy, business exodus from California, U.S. manufacturing, civility, geopolitical risk, and cyber security.For Verb™ Presents Speaker Series log-in information for this March 21, 2023, 5:30 pm event, email peter@siliconprivatewealth.com.www.siliconprivatewealth.com
PRINCETON, N.J. - Jan. 26, 2023 - PRLog -- Morven Museum & Garden is pleased to present the 2023 Grand Homes & Gardens Speaker Series: Trailblazers and Trendsetters, generously sponsored by Hiltons Princeton. Join us as we explore the people and spaces, past and present, who cultivated new opportunities and inspired breakthrough trends for future generations of landscape architects, designers, entrepreneurs, and horticulturalists.To kick things off on Weds, Feb 22 at 6:30 p.m., explore Manitoga: The Russel Wright House with Vivian Linares, Manitoga's Director of Collections, Interpretation, and Preservation. Manitoga, Russel and Mary Wright's 1960s home in Garrison, NY, stands alone as an iconic and idiosyncratic example of eco-sensitive modernist architecture. This talk, sponsored by David Schure & Grant Wagner of Callaway Henderson Sotheby's International Realty, will explore Russel and Mary Wright's contributions to American design and Manitoga's representation of their trendsetting aesthetic.On Weds, Mar 1 at 6:30 p.m., travel to Madam C. J. Walker's Dream of Dreams: Villa Lewaro with author and historian A'Lelia Bundles. Often recognized as America's first self-made female millionaire, this talk will address how Madam C.J. Walker's entrepreneurship and personal style translated to the unique architecture and grounds of her early-Twentieth century home, while digging deeper into Walker's fascinating life and work. The presentation will include a book signing with Bundles, our speaker and Walker's great grand-daughter. Copies of Bundles' book On Her Own Ground: The Life and Times of Madam C.J. Walker, the inspiration for Self Made, a Netflix series starring Octavia Spencer, will be available for purchase for the signing.Next, on Weds, Mar 8 at 6:30 p.m., journey to Beauport: Expect the Unexpected with Kristen Weiss, Historic New England's Site Manager, to explore the unique and ornate designs in the summer home of one of America's first professional interior designers, Henry Davis Sleeper. Sleeper's unique and ornate design concepts were showcased throughout his summer home, Beauport, in Gloucester, MA where he hosted a regular cohort of artists and intellectuals, navigating early twentieth century society as a gay man. This talk will examine Sleeper's groundbreaking interior designs, as well as Beauport's architecture and arts and crafts landscape design. Please note that our speaker will present this program virtually. The talk will be streamed live for an in-person viewing party and virtual audience alike.Lastly, on Weds, Mar 15 at 6:30 p.m., discover Bartram's Garden with Aseel Rasheed, Bartram's Garden's Public Programs Director, and lecture sponsor Keller Williams Princeton Realty. As America's oldest surviving botanic garden, established by the father of American botany John Bartram, this 14-acre garden in Philadelphia has blazed many trails. Today the site provides communal space and sustainable farming opportunities for its surrounding neighborhoods. This talk will explore the history of the Bartram family, the home, and the gardens while also taking the story up to the present day.Hybrid in-person and virtual tickets are available for individual programs or as series tickets including all four weeks of programming. In-person General Admission tickets are $90 for the series, or $30 for each individual program. Virtual General Admission tickets are $70 for the series, or $20 for each individual program. Morven Member tickets are $60 for the in-person series, or $20 for each individual program. Virtual Member tickets are $30 for the series, or $10 for each individual program. The in-person experience includes light refreshments featuring a cocktail and mocktail inspired by each week's featured site. Online participants will receive recipes to make the featured drinks at home.For all program related questions, please contact Greer Luce, Curator of Education and Public Programs at gluce@morven.org or 609.924.8144 ext 106.Morven Museum & Garden, 55 Stockton St, Princeton, NJ is open Weds through Sun from 10 a.m. to 4 p.m.
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