Shares of NFLX (NASDAQ: NFLX) fell in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $3.29, which beat analysts’ consensus estimate of $2.85 per share.
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Sales increased by 2.8% year-over-year, with revenue hitting $8.19 billion. This missed analysts’ expectations by $100 million. Furthermore, paid memberships increased by 5.89 million, bringing the global total to 238.39 million.
Looking forward, management now expects revenue and earnings per share for Q3 2023 to be $8.52 billion and $3.52, respectively. For reference, analysts were expecting $8.68 billion in revenue along with an EPS of $3.23.
Overall, Wall Street has a consensus price target of $448.22 per share on NFLX stock, implying 6.04% downside risk, as indicated by the graphic above.