Posted on 04/18/2024 2:37:35 PM PDT by JSM_Liberty
Netflix reported its first-quarter 2024 earnings Thursday, revealing it added a whopping 9.33 million paid subscribers.
Analysts consensus estimates were for Netflix to add 3.93 million paid subs globally in Q1 (to reach 264.21 million), according to StreetAccount. Per Netflix, it has now climbed to 269.60 million subs as of March 31.
These impressive Q1 results come following a better-than-expected 13.1 million subscribers added for the fourth quarter of 2023, which was a Q4 record for Netflix. Despite this back-to-back growth worth boasting about, Netflix announced Thursday it will stop reporting quarterly sub totals beginning in 2025, a move that is sure to shock an industry that has been fueled by the streaming subscriber battle for years. The first-quarter 2024 lineup that fueled Netflix’s sub growth included its live-action adaptation of “Avatar: The Last Airbender,” the “Game of Thrones” creator’s sci-fi series “3 Body Problem,” Guy Ritchie’s “The Gentleman,” the latest season of “Love Is Blind,” thriller limited series “Fool Me Once,” Sofia Vergara’s drama “Griselda,” Tyler Perry movie “Mea Culpa,” and the Millie Bobby Brown-led “Damsel,” among many other new releases.
For the U.S. and Canada, paid subs grew in Q1 by 2.53 million. In Europe, the Middle East and Africa, 2.92 million were added. In the Latin America region, 1.72 million joined. And the Asian-Pacific market saw a 2.16 million increase. Beyond blowing past analysts’ estimates for its Q1 subscriber additions, Netflix exceeded expectations for its financial results as well.
Wall Street forecast earnings per share (EPS) of $4.26 on $8.73 billion in revenue for Netflix’s Jan. 1-March 31 period, according to analyst consensus data provided by LSEG, formerly Refinitiv. Netflix reported diluted EPS of $5.28 on $9.37 billion in revenue. That revenue marks a 15% increase from Q1 2023.
Net income for the quarter was $2.33 billion. Free cash flow stood at $2.13 billion.
For Q2, Netflix forecasts revenue of $9.49 billion and diluted EPS of $4.68 with net incom at $2.06 billion.
“As we’ve noted in previous letters, we’re focused on revenue and operating margin as our primary financial metrics — and engagement (i.e. time spent) as our best proxy for customer satisfaction. In our early days, when we had little revenue or profit, membership growth was a strong indicator of our future potential,” Netflix said in the letter. “But now we’re generating very substantial profit and free cash flow (FCF). We are also developing new revenue streams like advertising and our extra member feature, so memberships are just one component of our growth.”
Probably is a way now to direct EBT and welfare funds for Netflix.
Doesn’t joe bidet illegal alien entry provide for free netflix ?
I got a free permanent membership when I went to a new internet provider.
I get a free subscription through my cell phone provider, not sure if I would pay otherwise.
AOL used to make up numbers too.
I cancelled it months ago. Literally nothing to watch.
0 interest here to watch any of it. Hollywood is dead to me.
I like NF, but I DON’T like all the Indian movies they keep bringing in. Hindi, Tamil, Telugu, etc...... Also with Egyptian, Turkish, Filipino, Indonesian....
But even with that it’s a damned sight better than Hulu - trash, old trash. No new good movies, series and they’re two bucks fifty more than NF. I dumped them last week.
Same with Amazon Prime, I spend more time looking for movies than watching them.
Its like walking through a ginormous Block Buster store the size of a small city. Nothing to watch.
Amazon prime is on my Roku stick because, my wife is addicted to shopping on it. It used to have content, now it mostly rents or “sells”.. On their sales, you never own the content, you must always subscribe, and AMZN must always exist and keep your content.
I watch my Antenna TV most, local CBS, FOX entertainment live, and of course streaming old school movies and Westerns like “Wells Fargo, The Westerner, Death Valley days and The Virginian”.
I peeked in on those when they were playing live, but I was working. When they hit reruns, I was working. Now, I pretty much have the TV running on such programming while awake....The Dog likes the Horses, and the wagons rattling on the screen. He is also reliving his youth...lol
Wasn’t me. I canceled Obama Flix long ago.
I can find some old Hammer Horror stuff on Amazon at least. Reacher and The Terminal List were good.
Don’t know if this is true or not, but IMHO <5-10% of what’s on Netflix is worth even taking a look at. Most of what is available by streaming is essentially a digital form of traumatic brain injury.
“I cancelled it months ago. Literally nothing to watch.”
exactly ... the main reason we cancelled many months ago as well ...
content makers have been withdrawing their content for years now from 3rd party streamers and sticking it on their own new pay+ streaming channels, so not much to watch on 3rd party streamers anymore except for their own new very poorly produced and unwatchable drecky leftist propaganda shows ... and not just netflix either but amazon-produced garbage as well ...
I agree but my wife pretends to watch it.
these morons are funding their own demise
What happened to all the rage about the perversion they were braodcasting?
I would go months before I would watch a movie on Netflix. Everything was so bad. They always had to have two guys kissing on each show. I finally canceled them.
just cancelled ours a month or two ago. we had been with them since 2014.
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