However, earnings per share came in at 12 cents, which was less than the 45 cents expected by analysts polled by Refinitiv.
Netflix projected a “modest” gain in subscribers through March. It projects a 4% year-on-year growth in revenue during the period with the help of new revenue streams.
The company faces restrained consumer spending and competition from Walt Disney Co., Amazon.com Inc. and others that spend billions of dollars to make TV shows and movies for online audiences.
Netflix Loses Subscribers in the First Half of 2022. It returned to growth in the second half, but new customer additions are below the pace of recent years.
To kick-start growth, Netflix introduced a cheaper, ad-supported option in 12 countries in November. It has also announced plans to crack down on password sharing.
Netflix said in its quarterly letter to shareholders, “2022 was a tough year, with a bumpy start but a bright end. We believe we have a clear path forward to rekindle our revenue growth.”
Peters said Netflix will start trying to convert more password sharers into paying customers this quarter. He acknowledged that it would not be a “universally popular move”, comparing it to a price hike that would spur cancellations for a time but pay off with additional revenue.
The company’s global subscriber base reached 231 million at the end of December.
Viewers flocked to the Addams family story for “Wednesday,” the third most-watched show in Netflix history, the company said. Murder mystery “Glass Onion” and British royals documentary “Harry and Meghan” were also hits during the quarter.