Netflix reported its first-quarter 2024earningsThursday, revealing it added a whopping 9.33 million paid subscribers.
Analysts consensus estimates were for Netflix to add 3.93 million paid subs globally in Q1 (to reach 264.21 million), according to StreetAccount. Per Netflix, it has now climbed to 269.60 million subs as of March 31.
These impressive Q1 results come following a better-than-expected 13.1 million subscribers added for the fourth quarter of 2023, which was a Q4 record for Netflix. Despite this back-to-back growth worth boasting about, Netflix announced Thursday it will stop reporting quarterly sub totals beginning in 2025, a move that is sure to shock an industry that has been fueled by the streaming subscriber battle for years.
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The first-quarter 2024 lineup that fueled Netflix’s sub growth included its live-action adaptation of “Avatar: The Last Airbender,” the “Game of Thrones” creator’s sci-fi series “3 Body Problem,” Guy Ritchie’s “The Gentleman,” the latest season of “Love Is Blind,” thriller limited series “Fool Me Once,” Sofia Vergara’s drama “Griselda,” Tyler Perry movie “Mea Culpa,” and the Millie Bobby Brown-led “Damsel,” among many other new releases.
For the U.S. and Canada, paid subs grew in Q1 by 2.53 million. In Europe, the Middle East and Africa, 2.92 million were added. In the Latin America region, 1.72 million joined. And the Asian-Pacific market saw a 2.16 million increase.
Beyond blowing past analysts’ estimates for its Q1 subscriber additions, Netflix exceeded expectations for its financial results as well.
Wall Street forecastearningsper share (EPS) of $4.26 on $8.73 billion in revenue for Netflix’s Jan. 1-March 31 period, according to analyst consensus data provided by LSEG, formerly Refinitiv. Netflix reported diluted EPS of $5.28 on $9.37 billion in revenue. That revenue marks a 15% increase from Q1 2023.
Net income for the quarter was $2.33 billion. Free cash flow stood at $2.13 billion.
For Q2, Netflix forecasts revenue of $9.49 billion and diluted EPS of $4.68 with net incom at $2.06 billion.
