Netflix, Inc. (NASDAQ: NFLX) Tuesday said its revenues increased in the second quarter, aided by the market reopening, but missed the estimates. The OTT giant’s profit rose sharply during the period and topped expectations.
The Los Gatos-based video streaming platform had a total of 220.67 million subscribers at the end of the quarter, which is up 5.5% year-over-year. The membership growth translated into an 8.6% growth in total revenues to $7.97 billion. However, revenues fell short of expectations.
The company generated $1.44 billion or $3.20 per share of net profit during the three-month period, compared to $1.35 billion or $2.97 per share in the second quarter of 2021. The bottom line came in above experts’ projections.
Check this space to read management/analysts’ comments on Netflix’s Q2 2022 earnings
Netflix’s shares closed Tuesday’s trading higher and gained further during the extended session soon after the announcement.