Mumbai: Netflix’s Q2CY23 revenue stood at USD 8,187mn, a growth of 0.3 per cent QoQ and 2.7 per cent YoY. The company expects revenue growth to accelerate in the second half of CY23 as it will have the full benefits of paid sharing plus continued steady growth in the ad-supported plan.

Operating income for the quarter stood at USD 1,827mn, a growth of 6.6 per cent QoQ & 15.8 per cent YoY. Operating margin grew 130 bp QoQ and 250 bp YoY to 22.3 per cent. The company is targeting a full year CY23 operating margin of 18 per cent to 20 per cent.

Total paid subscribers at the end of the quarter stood at 238.4mn, a growth of 2.5 per cent QoQ & 8.0 per cent YoY. The total no. of US & Canada paid subscribers grew 1.6 per cent QoQ & 3.1 per cent YoY to 75.6mn whereas the rest of the world subscribers grew 3.0 per cent QoQ & 10.5 per cent YoY to 162.8mn. Netflix added a total of 5.9 mn paid members in the Q2CY23, as compared to losing nearly 1mn members in Q2CY22.

The company remains focused on creating a steady drumbeat of must watch shows and movies, improving monetization, growing the enjoyment of games and investing to improve service for members.

Netflix has been working to improve the monetization through initiatives like paid sharing and advertising. This will allow the company to generate more revenue off a bigger base, which can be reinvested to make the company even better for members.