Netflix's Net Profit Increases 1.8 Times to $1.4Bln in Q3
10:38 GMT 20.10.2021 (Updated: 18:40 GMT 19.10.2022)
© AP Photo / Jenny Kane Logo for Netflix on a remote control
© AP Photo / Jenny Kane
MOSCOW (Sputnik) - American streaming service Netflix said that its net profit increased 1.8 times in annual terms in the third quarter of the current fiscal year and reached $1.449 billion.
Diluted net income per share amounted to $3.19 versus $1.74 the year before, according to the company's financial records. Revenue for the reporting period amounted to $7.5 billion, with a 16% increase year on year.
The total number of paying Netflix subscribers in the world, including newcomers, reached 214 million in the third quarter.
In recent weeks, the company has benefited from the success of the South Korean drama "Squid Game", which debuted on 17 September and quickly gained worldwide popularity. In the series, the heroes, experiencing financial difficulties, are participating in survival games and fighting for a big cash prize.
The company predicts that in the fourth quarter of 2021, its net profit will reach $365 million and revenues will amount to $7.712 billion.
Netflix, founded in 1997, is headquartered in Los Gatos, California. The paid video service is operating in more than 190 countries around the world. In addition to streaming, since 2013, Netflix has been producing its own films, series and TV shows.