Stocks

Netflix adds 4.4 million membership

Netflix Inc. added 4.4 million memberships in the third quarter and beats earning estimates.

Netflix Inc. said it added more subscribers than it predicted in the latest quarter as profit and revenue rose thanks to the return of popular series and new hits.

The Los Gatos, Calif.-based streaming company said third-quarter profit increased to $1.45 billion from $790 million a year earlier. Per-share earnings were $3.19 a share, compared with $1.74 a share last year, topping GAAP earnings estimates of $2.56 a share, according to FactSet.

Revenue rose to $7.48 billion from $6.44 billion a year earlier and was in line with analysts’ expectations.

The streaming service said it added roughly 4.4 million memberships in the third quarter. It had previously forecast it would add 3.5 million memberships.

Wall Street Journal

Looks like Squid Game helped.

Technology

Netflix is reopening a movie theater in SoCal

Netflix will reopen the Bay Theatre at Palisades Village in Southern California beginning October 22nd, becoming the third physical theater with which the streamer has announced a partnership.

The company previously reopened the Paris Theater in New York in 2019, and it’s working to restore the Egyptian Theater in Hollywood for a reopening in 2022. The third partnership for a theatrical space arrives as Netflix continues to explore additional points of entry to its originals beyond its app and website. In a press release, Netflix said it plans to use the space for special screenings, events, and theatrical releases for its films.

“In addition to premieres and theatrical releases of upcoming Netflix films, audiences can look forward to family-oriented film programming, 35mm screenings of beloved classic films, in-person appearances and Q&As, free public events and much more,” Scott Stuber, head of global films at Netflix, said in a statement.

The Verge

I didn’t know Netflix has movie theaters. It’s an interesting play, it probably allows Netflix to qualify for award ceremonies which was otherwise reserved for screenings that happened in the theaters. Great play here.

Stocks

This week’s earnings call

On Monday (Oct 18) there’s:

  • Albertsons
  • Philips
  • Steel Dynamics
  • State Street

On Tuesday (Oct 19):

  • Halliburton
  • Procter & Gamble
  • Johnson & Johnson
  • Philip Morris International
  • WD-40
  • Netflix

On Wednesday (Oct 20):

  • Abbott Laboratories
  • Biogen
  • NextEra Energy
  • Verizon Communications
  • Tesla
  • IBM
  • Anthem

On Thursday (Oct 21):

  • Southwest Airlines
  • Valero Energy
  • Quest Diagnostics
  • AT&T
  • SL Green Realty
  • Intel
  • Snap

On Friday (Oct 22):

  • Whirlpool
  • Honeywell
  • Seagate Technology Holdings
  • American Express

I’ll definitely watch out for Tesla, Netflix and Intel.