Netflix stock: Analysts Update Price Targets and Forecasts For 2023 Following Report

On Tuesday, July 19, streaming service Netflix released its financial report for the 2nd quarter of 2022. The report was better than expected. From April to June 2022, Netflix lost about 970 thousand subscribers instead of the projected 2 million subscribers. At the moment, the number of subscribers has decreased to 220.67 million people. This is the largest outflow of subscribers in the history of the service. The loss of subscribers is associated with growing competition. However, the result was still better than the company’s forecast. Against this background, Netflix shares rose by 10%. On Wednesday, July 20, they traded at $216.44. 

Netflix’s financial results were all positive. The company managed to increase quarterly revenue by 8.6% yoy. Net income rose to $1.4 billion. Netflix also gave a positive outlook for Q3 2022. Netflix plans to increase the number of subscribers by 1 million people, get $ 961 million in net profit and 7.83 billion in revenue. Let’s take a look at the latest price targets and analyst forecasts that have been released since the Netflix report. On July 20, 2022, 10 analytical firms updated their target prices at once. The average analyst price target is $211 over the next 12 months.