Netflix added 5.89 million subscribers in Q2 2023

Netflix added 5.89 million global subscribers in the second quarter of 2023, much better than what Wall Street anticipated. The company now has 238.39 million overall subs.

The company reported that this growth comes from the launch of its ad-supported basic subscription tier, as well as ongoing efforts to crack down on illegal password-sharing.

The company earned a revenue of more than $8.18 billion during the quarter, up nearly 2.7% on an annual basis but falling short of analysts estimate of nearly $8.30 billion. Wall Street had been forecasting US$8.7 billion.

Netflix reported that since the current strike, free cash flow has increased from $542 million to $1.34 billion. And also raised its full-year outlook for free cash flow to US$5 billion compared with the US$3.5 million budget at the beginning of the year.

Despite the results, Netflix shares dropped as much as 8.3% during Wednesday’s after-hours session to trade around $438.

Today Netflix announced that the US$9.99 / month basic plan is no longer available for new or rejoining members in the US, Canada came before. For new members, the company is offering a US$6.99 / month ad-supported tier, the $15.49 / month standard plan, and the US$19.99 / month premium plan.