As a seasoned movie enthusiast who has been following Netflix‘s journey since its inception, I must admit that these quarterly reports never cease to impress me. The consistent growth and resilience displayed by the streaming giant is truly commendable. With over 282 million subscribers worldwide and a year-over-year growth of more than 14%, it’s clear that Netflix continues to dominate the streaming market.
In the third quarter of 2024, Netflix announced its financial results on Thursday, revealing a gain of 5.1 million new paying subscribers, bringing their total to 282.72 million worldwide. This represents a growth of over 14% compared to the same period last year.
Financial analysts predict that a company will have an earnings per share (EPS) of approximately $5.12 for the July-September period, based on data from LSEG (formerly Refinitiv), with projected total revenue of around $9.77 billion. However, Netflix recently reported an adjusted EPS of $5.40, a net income of $2.4 billion, and revenue of $9.83 billion for the same period.
Revenue was up 15% from Q3 of 2023. Free cash flow stood at $2.2 billion.
The top streaming service’s Q3 subscriber and financial figures surpassed analyst predictions across all crucial aspects.
In the shareholder letter accompanying their earnings, Netflix provided an update on the expansion of their new ad-supported service: “Our advertising option is attracting a lot of interest from consumers due to its lower cost. This quarter alone, it accounted for more than half of all new subscribers in our ad-supported countries and we saw a 35% increase in membership on this plan compared to the previous quarter. We expect to reach a significant number of advertising subscribers across all our ad-supported countries by 2025, which will provide a strong foundation for further growth in 2026 and beyond. Additionally, we’re pleased to see that engagement on this plan is comparable to that of our standard plan in the twelve countries where it’s available.
In the second quarter, which spans from April to June, Netflix gained approximately 8.05 million new paid subscribers worldwide, raising its global customer base to an impressive 277.65 million. The company’s revenue for this period was reported as $9.56 billion, marking a significant 17% increase, and net income amounted to $2.15 billion, compared to $1.49 billion in the same quarter last year. This translates to an earnings per share of $4.88.
As a cinephile eagerly anticipating the future, I’m excited to share that Netflix is projected to rake in an impressive revenue of approximately $10.1 billion for Q4, translating to EPS of around $4.23 or a profit of a substantial $1.8 billion. Interestingly, they’ve decided to stop disclosing their subscriber totals for the upcoming quarters, which adds a certain element of suspense to the proceedings!
More to come…
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2024-10-17 23:17