The daily business briefing: October 19, 2022

Netflix shares surge after it adds more streaming subscribers than expected, upstate New York Amazon workers reject union, and more

Netflix
(Image credit: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

1. Netflix adds more subscribers than expected, and shares soar

Netflix shares surged 14 percent in late trading on Tuesday after the video-streaming company reported better-than-expected quarterly subscriber growth. Netflix said it had a net gain of 2.4 million subscribers in the third quarter, beating a forecast of one million new subscribers. The biggest share of the subscriber gains — 1.4 million — came in the Asia-Pacific region. Netflix predicted it would pick up another 4.5 million subscribers in the final quarter of 2022. The company said its quarterly revenue came in at $7.9 billion, and earnings reached $3.10 per share, beating its forecast of $7.8 billion in revenue and earnings of $2.14 per share.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.