The streaming service continues to attract paying subscribers in 2024
For the third quarter, Netflix stated revenue of $9.82 billion. Simultaneously, the business earned a profit of $2.3 billion, somewhat over the projected $2.2 billion. Now with 282.72 million paying members, five million more than in the second quarter.
Wall Street's after-hours trade saw Netflix's stock climb 4.3%, now around 6% in the opening. Currently projecting a 15% revenue increase for the upcoming quarter, the company forecasts an operating margin of 22%.
Tyson against Paul Will Draw Viewers.
With shares selling at $730 per, Netflix peaked in stock market value earlier this month.
With Thursday's market closing, the company's market capitalization was $295 billion, So far in 2024, Netflix has exceeded projections in both the first and second quarters, showing very remarkable strength.
Netflix mentioned blockbuster shows like Emily in Paris and Nobody Wants This in their shareholder letter accompanying the results as helping to explain the strong quarter.
Over the first three months of the year, Netflix attracted 9.33 million fresh members. They added 8.05 million more members in the second quarter, both numbers above projections. Revenue for Netflix in the second quarter came at $9.56 billion.
With a new season of the South Korean comedy Squid Game as possible viewer magnet and a planned boxing bout between former heavyweight champion Mike Tyson and YouTuber Jake Paul, Netflix intends to boost its revenue growth for the next quarter.
Examining sharing: Cracking down
Netflix has put policies in place this year to reduce password distribution. Bloomberg claims that this and the launch of less expensive, ad-supported subscription plans have been main causes of its remarkable income increase. Netflix stated in the letter to shareholders that these developments have resulted in each paying customer spending more time viewing material on the site. Since reaching a low point in May 2022, the stock value of the corporation has surged dramatically. The stock has surged over 350% since then.