Netflix experienced a surge in subscriber numbers and earnings growth in the latest quarter due to various factors such as cracking down on freeloaders, delving into advertising, and offering popular programming. This growth follows a tough period in early 2022 when subscriber numbers took a hit, prompting the company to reevaluate its strategies.
During the April-June period, Netflix gained 8 million subscribers, representing a 37% increase compared to the same period last year. This marks the sixth consecutive quarter of year-over-year subscriber growth since the challenging period in 2022.
Financially, Netflix is also faring well, with its profit in the latest quarter jumping by 44% from the previous year to $2.15 billion, or $4.88 per share. This figure exceeded analysts’ expectations. Revenue also saw a 17% increase from the previous year, totaling $9.56 billion, surpassing analysts’ projections.
Despite the impressive performance, Netflix’s stock did not see a significant boost following the announcement. In fact, the high-flying stock, which had already risen by 32% this year, experienced a 3% dip in after-hours trading subsequent to the latest earnings report.
