Netflix added 7.7 million new subscribers in Q4 2022, surpassing forecasts and growing after-hours trading share.
The streaming giant also announced that founder Reed Hastings will step down as co-CEO and become chairman. Chief Operating Officer Greg Peters will be promoted to Co-Chief Executive Officer alongside Ted Sarandos.
In a letter to shareholders released on Thursday, Netflix said it had far exceeded its forecast of 4.5 million new subscribers. Growth was primarily due to the success of content added in the fourth quarter. The Addams Family spin-off Wednesday TV series was the company’s “third most popular series of all time,” and the Harry and Meghan documentary was a hit with viewers.
Netflix currently has 231 million paying subscribers worldwide. “2022 has been a difficult year, a bumpy start, but a better end,” the statement said, referring to the first three months of last year when it lost 200,000 subscribers. .
The company is beginning 2023 with “renewed momentum and a clear path to reaccelerate our growth,” Hastings said in a statement.
As executive chairman, he said he will serve as a bridge between the new leadership and the board and focus on developing Netflix stock. He also planned to devote more time to charity work.
Netflix has promoted the head of global television Bela Bajaria to chief content officer. Scott Stuber is the new chairman of Netflix Films.
Netflix shares rose more than 7% to $338.27 in after-hours trading on Thursday. Last year, the company lost more than a third of its value after a poor first quarter. By 2022, we will reach $32 billion in sales.
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