The results announced painted a portrait of a company still gathering momentum after a jarring decrease in subscribers during the first half of 2022 prompted a change in direction.
Netflix added 8 million subscribers during the April-June period, marking a 37% increase over the same time last year. It was the sixth-consecutive quarter of that Netflix’s subscriber gains have increased from the previous year, a trend triggered by the 2022 downturn that served as a wake-up call for the Los Gatos, California, company.
And Netflix is still financially thriving. The company’s profit in its latest quarter rose 44% from last year to $2.15 billion, or $4.88 per share — a figure that exceeded the estimates of analysts polled by FactSet Research. Revenue climbed 17% from last year to $9.56 billion, also eclipsing analysts’ projections.
But management predicted its revenue for the July-September period would rise at a slightly slower pace of 14% from the same time last year, lagging the 18% growth that analysts had been anticipating.
This story is from the July 26, 2024 edition of AppleMagazine.
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This story is from the July 26, 2024 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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