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Netflix exceeds expectations: profit jump in the first quarter of 2024
Netflix shares in the red despite a jump in profits: Millions of new users, growing sales and price increases - Find out more about Netflix's current situation!
Netflix exceeds expectations: profit jump in the first quarter of 2024
The streaming giant Netflix presented its quarterly results for the first quarter of the 2024 financial year after the US stock market closed. Netflix recorded a significant increase in earnings per share from $2.88 to $5.28 compared to the previous year. This value exceeded experts' expectations of $4.51 per share. The company's sales also rose from $8.16 billion to $9.37 billion, exceeding analysts' forecasts.
Particularly impressive was the growth in Netflix's user base, which continues unabated. Last quarter, the company added 9.33 million new subscribers, far exceeding analysts' expectations. Netflix now has 269.6 million paying customers worldwide. This positive development in user growth puts Netflix in a strong position amid competition from other streaming providers such as Disney+ or Paramount+.
Netflix plans to continue producing a variety of films and is also willing to make sports deals at reasonable prices. The planned price increases in some countries, including Germany, signal a strategy to make the service more attractive and encourage customers to pay a little more.
Despite the positive quarterly results and strong user growth, Netflix shares fell 7.23 percent to $566.42 in Friday trading on the NASDAQ. This may indicate that the stock market adage of “sell on good news” played a role, as stocks had previously seen a sharp rise. Analysts rate the shares as adequately valued and point out that the streaming business is volatile and customer fluctuation represents a major challenge.