Netflix Surpasses Analyst Expectations with 9.3 Million New Subscribers, $2.3B Net Income

Netflix, the streaming giant, has continued its remarkable growth by adding 9.3 million subscribers in the first quarter of 2024. This performance surpassed analysts’ expectations and solidified the company's position as the leading entity in the entertainment industry’s streaming sector.

The company also reported outstanding financial figures, with a net income of $2.3 billion and a revenue of $9.3 billion in the first quarter. This marks a significant 15 percent increase compared to the same period last year. Netflix now boasts an impressive subscriber base of nearly 270 million users worldwide.

Popular Shows and New Business Model

Netflix attributed its successful quarter to the audience's strong interest in series such as “Griselda,” “3 Body Problem,” and “Avatar: The Last Airbender.” Additionally, its ad-tier business, introduced a year ago, experienced a remarkable 65 percent growth from the previous quarter. Notably, 40 percent of new sign-ups in markets with the ad tier option opted for this lower-priced subscription.

Furthermore, the company's crackdown on password sharing among households has positively impacted its quarterly performance, contributing to its impressive numbers.