Netflix recently released its financial results for the first quarter of 2024, reporting revenues of $9.37 billion, which exceeded analysts’ expectations. The company also reported earnings per share of $5.28, a 56% increase compared to the same quarter last year. However, Netflix’s stock fell more than 3% in late trading following the release of the results.
Despite the positive financial news, Netflix provided a disappointing forecast for the second quarter, with expected revenues of $9.49 billion, slightly below analysts’ predictions. The company also expects earnings per share of $4.68, a slight increase from analysts’ forecasts. One of the key metrics that Netflix reported on was the number of subscribers, which increased by 9 million users to total 269 million.
In recent quarters, Netflix has focused on tackling password sharing among users by implementing detection mechanisms and offering separate accounts or sub-accounts options. The company’s stock has risen by about 30% in recent times and currently trades at $610 per share. Netflix’s market value now stands at $267.24 billion and shows positive growth compared to the previous quarter.
Investors are excited about Netflix’s collaboration with WWE, which is set to launch on the platform in 2025. This move signifies Netflix’s push into live sports content and could attract more users and create a loyal audience base.
Overall, Netflix seems to be taking proactive steps to address competition and user engagement as reflected in its financial performance and strategic initiatives.
Netflix recently published its financial results for Q1 2024 with revenues of $9.37 billion surpassing analyst expectations.
The company reported earnings per share at $5.28 which was a jump of over 56% compared to Q1 last year.
However, despite this positive news, Netflix’s stock fell over three percent in late trading after releasing their financial results.
For Q2 revenue forecasted is expected to reach $9
