Netflix Earnings: Stock Climbs As Streaming Giant Beats Expectations—But Subscriber Growth Slows

📆 10/17/2024 8:57 PM
📰 Forbes

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Lindsey Choo is a reporter and editorial fellow at Forbes. She previously wrote about technology for The Wall Street Journal, Fast Company and Politico's tech news site Protocol. She also contributed to Platformer News, a newsletter focused on the intersection of Silicon Valley and democracy.

Liam Payne Alone Before Falling From Hotel Balcony, Officials Say: Here’s What To Know About One Direction Star’s DeathNetflix beat Wall Street’s expectations on both earnings and revenue, and added 35 million paid subscribers year-over-year, sending shares of the streaming giant up in after-hours trading.Netflix reported $5.40 earnings per share and a revenue of $9.82 billion in the third quarter of 2024, ending in September 30, beating analyst consensus estimates of $5.12 and $9.

The company saw a roughly 14% jump in global subscribers to 282 million from 247 million in the third quarter of last year—though subscriber growth has slowed, as the streamer added just over 5 million paid members last quarter, compared to 8 million in the second quarter of 2024 and 8.76 million in the third quarter of 2023.Following months of strong subscriber growth , shares hit a record high of $736 last Friday, topping its previous high of $733 just a day prior.

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