The company added 9.33 million customers in the first quarter of 2024, according to a statement Thursday, nearly doubling the 4.84 million average of analysts’ estimates.
Netflix Inc. posted its best start to the year since 2020, attracting more new customers than anyone expected thanks to a strong slate of original programs and a crackdown on password sharing.
Expectations for Netflix’s first quarter had soared in recent days, as one analyst after another published rosy forecasts. Those metrics have long been the primary way Wall Street evaluated the company’s performance, but Netflix has tried to shift the focus to traditional measures like sales and profit.“The movement to no longer disclose quarterly subscriptions from next year will not go down well,” Paolo Pescatore, founder and analyst at PP Foresight, said in an email.Netflix has rebounded from a slowdown in 2021 and 2022 to grow at its fastest rate since the early days of the coronavirus pandemic.
Those new customers have had plenty to watch. Netflix has delivered a new hit every couple weeks so far this year, including limited series such asThe streaming service accounts for about 8% of TV viewing in the US — and is a leading TV network in most of the world’s major media markets. The company delivered sales of $9.33 billion, rising 15% and beating estimates of $9.26 billion. Net income grew to $2.33 billion, or $5.28 a share, also above projections.
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