Netflix’s total paid subscribers hits an all-time high – the shares are rising

American online streaming service company, Netflix Inc. (NASDAQ: NFLX), released its latest financial results for Q4 of 2023 after the market closed on Tuesday.

Netflix reported revenue of $8.833 billion for the quarter (up by 12.5% year-over-year) vs. $8.723 billion expected.

Earnings per share reported at $2.11 per share, falling short of Wall Street estimate of $2.219 per share.

The company added 13.1 million new paid subscribers in Q4 2023 vs. 8.97 million subscribers expected – the largest Q4 subscriber growth ever.

Total number of paid subscribers has now reached 260.8 million – a new record. It looks like company’s crackdown on password sharing is paying off.

Company overview

• Founded: 1997
• Headquarters: Los Gatos, California, United States
• Number of employees: 12,800 (2022)
• Industry: Media, Entertainment
• Key people: Reed Hastings (executive chairman), Ted Sarandos (co-CEO), Greg Peters (co-CEO)

Stock reaction

Shares were up by 1.33% at the end of trading day before the latest results were announced at $492.19 a share.

The stock rose by around 7% in after-hours trading as Wall Street digested company’s performance in Q4 2023.

Stock performance

• 5 day: +2.28%
• 1 month: +0.20%
• 3 months: +18.96%
• Year-to-date: +1.09%
• 1 year: +35.28%

Netflix stock price targets

• Benchmark: $425
• UBS Group: $560
• Piper Sandler: $475
• KeyCorp: 545
• Bank of America: $585
• Oppenheimer: $600
• Citigroup: $500
• BMO Capital Markets: $566
• The Goldman Sachs Group: $500
• DZ Bank: $495
• Wedbush: $525
• Morgan Stanley: $550

Netflix Inc. is the 49th largest company in the world with a market cap of $215.42 billion.

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Sources: Netflix Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap