For all the doom and gloom that’s been surrounding the company in 2022, Netflix's third-quarter earnings call revealed the company is back to adding millions of new paying customers each month.

Back in April, Netflix confronted shareholders by acknowledging the company had lost more subscribers than it gained with a grim outlook forecasting even more users jumping ship in 2022. Now, it seems like the streaming giant is outdoing itself with the 2.41 million new subscribers joining in Q3 far, exceeding the 1 million number Netflix had predicted, thus making the battered stock price rally over the past 24 hours.

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According to Bloomberg, Netflix surpassed predictions for Q3 in nearly every metric, with revenue rising 5.9% to $7.93 billion, profits also up, and the global number of paying users now at 223.1 million people. Netflix co-founder and Chairman Reed Hastings said, “Thank God we’re done with shrinking quarters.” Hastings expressed relief as the company’s stock price climbed 14% to $240 per share after hitting the $180 mark earlier this year in an overall shaky worldwide economy.

Netflix Basic with ads pricing

Stock price is not the sole indicator for diagnosing a company’s health, especially in Netflix's case. The streamer benefited from an enormous growth increase due to the pandemic, as well as previously rising markets all across the board, particularly for the tech sector. In the same earnings call, Netflix stated it’s back to growing its user base all over the world, with at least 4.5 million subscribers expected to be added in Q4.

The positive news comes on the back of Netflix announcing its strange ad-supported plan, Basic with Ads, starting at $6.99, which will begin rolling out in November, although executives are wagering their expectations on this new product. One of the main drivers for this new inflow of subscribers could be attributed to Stranger Things season 4, since the second part came out in Q3, while Cobra Kai's new season, The Gray Man, Monster: The Jeffrey Dahmer Story, and even Korean hits like Extraordinary Attorney Woo all contributed to making the platform more appealing.

Netflix has found great luck with anime, including hits like Cyberpunk: Edgerunners that have helped revive the game, yet The Midnight Club, a new season of The Crown, Guillermo del Toro's Pinocchio, and The Witcher: Blood Origin ensure there’s a little something for everyone in the latter part of the year.

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Source: Bloomberg