Netflix's subscriber and earnings growth gather more momentum as password-sharing crackdown pays off

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Netflix’s subscriber and earnings growth accelerated in its latest quarter as the video streaming service benefits from a crackdown on freeloading viewers, an expansion into advertising and an acclaimed programming lineup.

1 hour agoFILE - Awards, including an Emmy, are displayed at Netflix headquarters Los Gatos, Calif. on March 7, 2024. Netflix reports earnings on Thursday, July 18, 2024. 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 year-over-year subscriber growth since 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.

The performance evidently still wasn't robust enough to propel Netflix's high-flying stock, which has surged by 32% so far this year. The shares shed 3% in extended trading after the latest numbers came out. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

 

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