Netflix has just released its financial report for the first quarter of 2024, reporting $9.37 billion in revenues, surpassing analysts’ expectations by $65 million. The company also reported earnings per share of $5.28, a whopping 56% increase compared to the same quarter last year. Despite this impressive performance, Netflix’s stock fell more than 3% in late trading following the release of the results.
Netflix also gave an update on its subscriber numbers, which saw an increase of 9 million users, bringing the total to 269 million. In recent quarters, Netflix has been focusing on addressing password sharing among users by implementing detection mechanisms and offering separate accounts or sub-accounts. As a result, the company’s stock has risen by about 30% in recent times, with a current price of $610 per share.
The market value of Netflix now stands at $267.24 billion, showing positive growth compared to the previous quarter. Investors are also looking forward to Netflix’s collaboration with WWE, expected to arrive on the platform in 2025. This move signals Netflix’s push into live sports content, which could attract more users and create a loyal audience base.
Overall, Netflix seems to be taking proactive steps to tackle competition and user engagement, reflected in its financial performance and strategic initiatives.