Streaming giant Netflix, Inc. (NASDAQ: NFLX) Thursday reported a sharp increase in net profit for the first quarter of 2024. Revenues were up 15% year-over-year. Both numbers exceeded Wall Street’s estimates.
Net income came in at $2.33 billion or $5.28 per share in Q1, compared to $1.30 billion or $2.88 per share in the corresponding period of 2023. Analysts had forecast a slower earnings growth.
The bottom line benefitted from a 15% increase in first-quarter revenues to $9.37 billion, which also came in above estimates. The company added 9.33 million new members and ended the quarter with a total of 269.60 million paid subscribers.
