Netflix announced this Thursday an increase of 9.3 million subscribers in the first quarter of 2024, although analysts had expected a decline, bringing the total number of subscribers to about 270 million.
The North American company’s revenue for the reporting period was $9.37 billion and profit was $2.3 billion, which also exceeded analysts’ expectations and the company’s own forecasts.
Year-on-year profit growth was 78.7%, and turnover growth was 16%.
Quarterly results show the company continues to benefit from a password breach attack launched last year that ensured free access to content.
In 2023, this policy allowed the number of subscribers to increase by 30 million.
Netflix’s subscriber increase was more than four times the 1.8 million it achieved in the same period last year and three times analysts’ expectations.
Investors also view the Los Gatos, Calif.-based company as a winner in a fierce streaming battle that includes Apple, Amazon, Walt Disney Co. and Warner Bros. Opening.
But Netflix surprised investors by saying that starting next year it would stop publishing quarterly updates on its subscriber numbers, making it difficult to know whether it was growing or shrinking.
Since its listing for 22 years, the company has always disclosed its subscribers on a quarterly basis.
In addition to increasing the number of subscribers to its services, Netflix is focusing on increasing revenue and profits.
Author: Lusa
Source: CM Jornal
I’m Tifany Hawkins, a professional journalist with years of experience in news reporting. I currently work for a prominent news website and write articles for 24NewsReporters as an author. My primary focus is on economy-related stories, though I am also experienced in several other areas of journalism.