Netflix also revealed that the APAC region was the largest contributor to its paid membership growth this quarter and APAC revenue rose 66% year over year.
Netflix has reported a revenue of $6.4bn for Q3 2020, the streaming giant revealed on Tuesday. The company added 2.2m net memberships in Q3, which falls short of its forecast of 2.5m figure.
“We think this is primarily due to our record first-half results and the pull-forward effect we described in our April and July letters,” Netflix said in a letter to shareholders.
In the first nine months of 2020, Netflix added 28.1m paid memberships, which exceeds the 27.8m for all of 2019.
Net cash generated by operating activities in Q3 was $1.3bn as compared to -$502m for the prior-year period.
Netflix also revealed that the APAC region was the largest contributor to its paid membership growth this quarter and APAC revenue rose 66% year over year.
“We’re pleased with the progress we’re making in this region and, in particular, that we’ve achieved double-digit penetration of broadband homes in both South Korea and Japan,” Netflix said.
The company has also predicted 6.0m paid net memberships for Q4 as compared to 8.8m for the same period last year.
“If we achieve our forecast, it will put us at a record 34m paid net adds for 2020, well above our prior annual high of 28.6m in 2018,” Netflix said.
Netflix also announced that it had restarted production on some of its titles including season four of Stranger Things, action film Red Notice (starring Dwayne Johnson, Gal Gadot and Ryan Reynolds) and The Witcher season two.
