Key Points:
- Netflix beat expectations on both revenue and subscriber growth in Q2 2024.
- The company added 8 million new subscribers in the quarter, bringing its total global subscriber base to 230.7 million.
- Revenue grew 16.7% year-over-year to $9.56 billion.
- Netflix expects to add 5.1 million subscribers in Q3 and generate $9.73 billion in revenue.
LOS GATOS, Calif., July 19, 2024 — Netflix today announced strong second-quarter 2024 results, beating expectations on both revenue and subscriber growth. The company added 8 million new subscribers in the quarter, bringing its total global subscriber base to 230.7 million. Revenue grew 16.7% year-over-year to $9.56 billion.
“We’re delighted to continue growing our membership base, especially with such a strong slate of content across all genres,” said Reed Hastings, Netflix co-founder and CEO. “We’re also making progress on addressing account sharing and monetization, which we believe will help us achieve our long-term goals of even greater customer satisfaction and financial success.”
Q2 Highlights
- Added 8 million new subscribers, bringing the total global subscriber base to 230.7 million.
- Revenue grew 16.7% year-over-year to $9.56 billion.
- Diluted earnings per share (EPS) of $4.88.
- Operating margin of 25.5%.
- Generated $1.6 billion in free cash flow.
Outlook
Netflix expects to add 5.1 million subscribers in Q3 and generate $9.73 billion in revenue. The company is also continuing to invest in its content slate, with plans to release over 70 original films and TV shows in the third quarter.
Background
Netflix is the world’s leading streaming entertainment service with over 230 million paid memberships in over 190 countries enjoying TV series, documentaries and feature films across a wide variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any internet-connected screen. The company’s award-winning original programming includes Stranger Things, The Crown, Bridgerton, Squid Game and The Umbrella Academy.
Additional Information
- Investor Relations Website: https://ir.netflix.net/financials/quarterly-earnings/default.aspx
- Press Release: https://www.thestreet.com/investing/stocks/netflixs-latest-decision-may-frustrate-you-if-you-own-its-stock
About Netflix
Netflix (NASDAQ: NFLX) is the world’s leading streaming entertainment service with over 230 million paid memberships in over 190 countries enjoying TV series, documentaries and feature films across a wide variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any internet-connected screen. The company’s award-winning original programming includes Stranger Things, The Crown, Bridgerton, Squid Game and The Umbrella Academy. Netflix has won more than 25 Academy Awards for its content and consistently ranks as one of the most recognized brands in the world.
