LOS ANGELES– Netflix, the world’s leading streaming entertainment company, on Tuesday posted its third-quarter 2022 financial results with quarterly revenue of $7.93 billion, a year-on-year growth of 5.9 percent, and diluted earnings per share of $3.10.

Netflix also said in a letter to shareholders that the company added 2.41 million net subscribers during the quarter, exceeding the 1 million it had forecast.

The company now has 223.09 million paid subscribers worldwide. 

The company lost nearly 1 million subscribers during the second quarter and 200,000 subscribers during the first quarter this year. 

Netflix forecast that it will add another 4.5 million subscribers in the fourth quarter.

The company said it’s expecting revenue of 7.8 billion dollars in the fourth quarter “with the sequential decline entirely due to the continued strengthening of the U.S. dollar vs. other currencies.” 

“After a challenging first half, we believe we’re on a path to reaccelerate growth,” said the company in the letter to shareholders, noting that “the key is pleasing members.” 

“It’s why we’ve always focused on winning the competition for viewing every day.

“When our series and movies excite our members, they tell their friends, and then more people watch, join and stay with us,” the company added. – Xinhua