Netflix Inc. shares traded lower Wednesday after the company reported a third-quarter earnings beat. Netflix reported third-quarter adjusted earnings per share (EPS) of $3.19, beating consensus analyst estimates of $2.56. Third-quarter revenue was $7.48 billion, up 16.3 percent from a year ago and in-line with analyst estimates. Netflix also reported 4.4 million net new paid subscribers, well ahead of Wall Street expectations of 3.84 million subscribers. That number was likely boosted by the company’s hit Korean drama “Squid Game,” which Netflix said was viewed by 142 million member households in the first four weeks following its release. Looking ahead, Netflix guided for 8.5 million subscriber additions in the fourth quarter. It’s also expecting Q4 revenue of $7.7 billion and profits of 80 cents per share. The company also said it expects to be break-even on cash flow for the full year in 2021 and cash flow positive starting in 2022. …
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