netflix (NFLX34) reported a net profit of $55.3 million in the fourth quarter of 2022 (Q4 22), a decrease of 90.9% from the profit recorded at the same point in 2021, the company said Thursday (19). In aftermarket trading in New York, shares of the company were up 5.39%, at $332.21, around 6:27pm (Brasilia time).
Earnings per share were $0.12 between October and December 2022, down from the $0.45 per share Refinitiv forecast.
Total net revenues reached $7.852 billion in the fourth quarter of last year, a growth of 1.9% compared to the same stage in 2021.
Net global subscribers were 7.7 million, up from 4.5 million expected according to StreetAccount estimates, bringing the global subscriber base to 230.75 million, “due to strong acquisition and retention, primarily driven by content slate success in the fourth quarter,” explains Netflix.
Total operating income was $550 million in the fourth quarter of 2022, down 13% from the fourth quarter of 2021.
Operating margin was 7% between October and December, down 1.2 percentage points (pp) compared to the margin recorded in the fourth quarter of 21.
Continue after the announcement
Netflix reported cash generation of $332 million in the fourth quarter of 2022, versus a cash burn of $569 million in the same period in 2021.
The company also announced that Reed Hastings will step down as CEO of the company, but will remain Chairman of the Board.
Co-CEO Ted Sarandos will remain in his position. The company’s chief operating officer, Greg Peters, will take over as co-CEO from Hastings. Peters will also join the company’s board of directors.
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