Netflix launched it Q1 2023 earnings results today and the overall picture was pretty mellow. However, there were some interesting notes to it, including the announcement that the company had bought a large chunk of stock back and will continue to expand its share repurchases over the course of the year. In Q1 2023 alone, Netflix bought back 1.2 million shares to the tune of $400 million USD.
This was revealed in the press release accompanying Netflix’s (NFLX) Q1 2023 earnings results. Therein, Netflix announced the buyback of shares for the quarter, as well as teasing plans for expanded buybacks throughout this fiscal year:
Perhaps just as important as the stocks Netflix has repurchased already are its plans to expand its buyback program throughout 2023. The company has been gearing up for big things for quite some time, including the launch of Netflix Games, and the recent hiring of former Halo lead Joseph Staten to aid in the direction of a new AAA game in a new IP. However, there are some more questionable decisions happening, such as the supposed password-sharing crackdown, which was delayed for now. Nonetheless, Netflix lowered its guidance for fiscal 2023 as it continues to repurchase stock and reinvest in its business.
As we await further details on how Netflix expands its stock buybacks, stay tuned for more earnings results reporting on Netflix and other tech companies, right here at Shacknews.