Los Gatos, April 19, 2024 (TASR) – Streaming giant Netflix reported robust results for the first quarter of 2024, boasting growth in both profit and subscriber base. This success can be attributed to the platform’s extensive library of shows and movies, according to Financeflashnews based on reports from AFP and RTTNews.
Profit and Revenue:
- The company’s profit for the first three months of 2024 climbed to $2.33 billion (€2.18 billion), translating to $5.28 per share. This marks a significant increase compared to $1.31 billion ($2.88/share) in the same period last year. Analysts had projected an average profit of $4.26 per share.
- Netflix’s revenue in Q1 rose by 14.8% to $9.37 billion, up from $8.16 billion in the previous year.
Subscribers:
- Over the past quarter, Netflix added a staggering 9.3 million subscribers, bringing the total to 269.6 million globally.
- The company anticipates revenue of $9.49 billion in the current quarter, while analysts predict an average of $9.54 billion.
Commentary:
Netflix’s strong performance in Q1 solidifies its position as a leader in the streaming industry. The platform’s rich content library, catering to diverse audiences, has been a key driver of growth. While facing increasing competition, Netflix appears well-equipped to maintain its market dominance.
