Netflix (Neutral, TP: $309, -2%) NFLX 4Q22 Quick Take: Net Adds Beat, Management Structure Evolves
NFLX beat 4Q net paid add guidance and consensus, while net add commentary on 1Q23 suggests downside to consensus, in part due to the rollout of paid sharing, which will arrive this quarter. We review the most important KPIs, initial commentary on the advertising business, and our thoughts on the leadership transition (Reed Hastings to Exec Chairman, Greg Peters to co-CEO, Bela Bajaria to Chief Content Officer) in the full report.Netflix is engaged in subscription streaming entertainment service including TV series, documentaries and feature films across a variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any internet-connected screen. Members can play, pause and resume watching, without commercials. Additionally, several members in the United States subscribe to the company's DVD-by-mail service. The company improves its streaming content with a focus on a programming mix of content. The company's members can download a selection of titles for offline viewing. The company operates its business as a global operating segment.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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