blew past Wall Street expectations for the second straight quarter on Thursday as ad-supported streaming plans helped bring in 9.3 million new customers, nearly double the consensus forecast of analysts.Earnings per share for January through March came in at $5.28, compared with $2.88 a year earlier.
Netflix revenue rose 14.8% to nearly $9.4 billion during the period, when the service debuted titles such as sci-fi drama series “3 Body Problem” and crime thriller “Griselda.”Analysts had expected Netflix to gain roughly 5 million subscribers around the world during the quarter, according to LSEG data, after record gains at the end of 2023.
As competitors such as Walt Disney are losing money from their streaming efforts, Netflix keeps gaining customers and building profit. In the shareholder letter, the company said it would work to improve the variety and quality of its entertainment and scale its advertising business to grow further. Netflix began offering ad-supported plans, which cost less than half of the options without commercials, in November 2022. In 2023, it started a crackdown on sharing of passwords, trying to convert people who use the accounts of friends or family into paying subscribers. The company said the version of its service with ads now accounts for 40% of all sign-ups in markets where it offers the plan. To satisfy its large global audience, Netflix has been broadening its programming.
The company recently restructured its film division under new leader Dan Lin and is aiming to produce fewer, higher- quality movies for streaming.Study and track financial data on any traded entity: click to open the full quote page. Data updated as of