Business of Sports · NFL
Netflix Reports Q3 Growth Ahead of Holiday Sports Slate
The company reported $12.874 billion in quarterly revenue as recent staff cuts precede three holiday NFL broadcasts and a major boxing match.
Netflix reported 12% revenue growth for the third quarter on Tuesday, October 20, as the streaming company prepares a holiday sports schedule following recent staff cuts.
The company’s shareholder letter lists revenue of $12.874 billion and net income of $3.664 billion for the July-September quarter. Netflix forecast a fourth-quarter operating margin of 26%, including an estimated 1.2-percentage-point reduction associated with its recently announced headcount cuts.
Front Office Sports reported that about 1,000 employees, roughly 6% of Netflix’s workforce, were departing. The changes include chief content officer Bela Bajaria, who helped lead negotiations with major sports leagues, with former Disney executive Peter Rice taking her role.
Netflix separately announced Tuesday that U2 will perform at halftime when the Green Bay Packers visit the Los Angeles Rams at SoFi Stadium on November 25. The Thanksgiving Eve game kicks off at 6 p.m. MST.
The company’s fourth-quarter plans also include two Christmas Day NFL games and the Tyson Fury–Anthony Joshua fight. Those live events are part of the year-end programming slate highlighted in Netflix’s earnings letter.
