Netflix, Inc. (NASDAQ: NFLX) Thursday reported an increase in net income for the second quarter of 2024. Revenues of the streaming giant increased 17% year-over-year. Both numbers exceeded Wall Street’s estimates.
Net income came in at $2.15 billion or $4.88 per share in Q2, compared to $1.49 billion or $3.29 per share in the corresponding period of 2023. Analysts had forecast a slower earnings growth.
The bottom line benefitted from a 17% increase in June-quarter revenues to $9.56 billion, which also came in above estimates. The company added 8.05 million new members and ended the quarter with a total of 277.65 million paid subscribers.