Global streaming platform Netflix (NFLX:NASDAQ) is due to report its third quarter results on 18 October with the entertainment sector just emerging from a period of turmoil.
Analysts are forecasting revenue of $8.53 billion and earnings per share (EPS) of $3.50 is expected for the third quarter.
In the second quarter Netflix reported revenue of $8.2 billion, just shy of the $8.3 billion forecast, while net income climbed to $1.49 billion from $1.44 billion in the same quarter a year ago.
The global streaming platform also managed to add nearly six million new subscribers in the second quarter, defying sceptics who assumed customers had been put off by its password sharing crackdown.
Netflix shares have made strong gains in 2023, up just under 30% year-to-date to the $381 mark.
No doubt the Hollywood actors’ and writers’ strike will get a mention in its third quarter results. According to Californian economic think tank the Milken Institute the industrial action has cost the US economy around $5 billion since the writers' walkout on 2 May this year over the use of artificial intelligence (AI) and pay.
With a deal to end the strikes being struck, Netflix is planning to raise the price of its ad-free service in several markets globally including the US and Canada, according to reports from the Wall Street Journal. This could reflect higher costs as some of the demands from industry talent on remuneration are met.
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