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

2024-12-26 00:46:46 source:lotradecoin integration with payment systems category:Invest

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.

The results announced Thursday 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 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.

More:Invest

Recommend

Mega Millions winning numbers for Tuesday, Dec. 10 drawing: $619 million lottery jackpot

Tuesday's Mega Millions jackpot soared to an estimated $619 million for Tuesday's drawing.The jackpo

Empowering Future Education: The Transformative Power of AI ProfitPulse on Blockchain

Under the visionary guidance of Roland Quisenberry, WH Alliance didn’t just meet its needs for capit

49ers DE Nick Bosa says MAGA hat stunt was 'well worth' likely fine

San Francisco 49ers defensive end Nick Bosa has no regrets about flashing his "Make America Great Ag