Netflix GAAP EPS of $0.12 misses by $0.38, revenue of $7.85B in-line
Netflix press release (NASDAQ:NFLX): Q4 GAAP EPS of $0.12  misses by $0.38.
Revenue of $7.85B (+1.8% Y/Y) in-line.
ARM declined 2% year over year, but grew 5% on a F/X 3 neutral basis.
Operating margin for Q4 amounted to 7% compared to 8% in Q4â21.


Q1 2023 Outlook: Revenue growth of 4% (8% on a F/X neutral basis).
We expect our F/X neutral revenue growth to be driven by a combination of year over year growth in average paid memberships and ARM.
This translates into modest positive paid net adds in Q1 â23 (vs. paid net adds of -0.2M in Q1â22).
Expect to roll out paid sharing more broadly later in Q1â23.
Operating margin to be down year over year (20% vs. 25%) due primarily to the timing of content spend.

2023 Outlook: We continue to improve our service, grow our advertising business and launch paid sharing, we expect constant currency revenue growth to accelerate over the course of the year.
Expect year over year operating profit growth and operating margin expansion for the full year.
Operating margin of 19%-20% based on F/X rates at the beginning of 2022.
Expect to deliver roughly 21%-22% operating margin on this basis (above the 19%-20% range).
Rolling forward to F/X rates as of January 1, 2023, this translates into a FY23 operating margin target of 18%-20%.
Shares +5.46%.