Netflix, Inc. (NFLX) CEO Reed Hastings on Q3 2019 Results - Earnings Call Transcript

Oct. 16, 2019 9:33 PM ETNetflix, Inc. (NFLX)1 Comment
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Netflix, Inc. (NASDAQ:NFLX) Q3 2019 Results Earnings Conference Call October 16, 2019 6:00 PM ET

Company Participants

Spencer Wang - VP of Finance & IR

Reed Hastings - Co-Founder, Chairman, President & CEO

Spencer Neumann - CFO

Theodore Sarandos - Chief Content Officer

Gregory Peters - Chief Product Officer

Conference Call Participants

Mike Morris - Guggenheim


Spencer Wang

Good afternoon, and welcome to the Netflix Q3 2019 Earnings Interview. I’m Spencer Wang, VP of IR and Corporate Development. Joining me today are CEO, Reed Hastings; CFO, Spence Neumann; Chief Content Officer, Ted Sarandos; and Chief Product Officer, Greg Peters. Our interviewer this quarter is Mike Morris from Guggenheim. As a reminder, we'll be making forward-looking statements, and actual results may vary.

With that, let me turn it over to Mike for his first question.

Question-and-Answer Session


Mike Morris

Thank you, Spencer. Good afternoon. Let's start by talking about both member trends and the outlook that you just provided for members in the fourth quarter. Starting with the third quarter, can you speak a bit about some of the key drivers that - your results came in relatively in line with your guidance. Talk about the gross add dynamic and the churn dynamic there relative to what you are expecting coming into the quarter, please.

Reed Hastings

Relatively in line. It was the most accurate member forecast we had in years. Spencer, over to you.

Spencer Neumann

Spencer or Spence. I'll take it. We got a lot of Spencers on the call. I'd first say, Michael, it was a really strong quarter. I mean not just around subscribers but around overall business performance that was record revenues for Q3, record operating profit and nearly $1 billion of operating profit and record paid net adds for the quarter. We delivered on the subscriber front slightly ahead of where we

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