![]() ![]() ![]() and Canada was roughly flat despite a million more average subscribers as ARPU was also flat at $16. Revenue growth has not hit double digits since the fourth quarter of 2021 despite price hikes and revenue enhancement initiatives like paid sharing and the introduction of ad-supported tiers. Revenue improved 3% (6% excluding the currency impact) to $8.2 billion, the third straight quarter with growth below 4%. Management expects further subscriber growth over the remainder of the year from paid sharing as the program rolls out to every country and borrowers in all markets continue to start new accounts. Customer growth in the quarter was spread across all four regions with Europe leading the way. Netflix ended the quarter with 238.4 million global paid subscribers, up from 232.5 million last quarter and 220.7 million a year ago. We are raising our fair value estimate to $330 from $315 to account for slightly higher subscriber growth in 2023, as well as marginally faster margin improvement. Despite the subscriber beat and additional shared account fees, revenue was in line with our estimate due in part to foreign exchange headwinds as well as stagnant average revenue per user, or ARPU, in Netflix’s two largest regions.
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