Netflix Exceeds Earnings Estimates , As Subscribers Increase.
Netflix Exceeds Earnings Estimates , As Subscribers Increase.
Netflix released a Q1 earnings report on April 18, indicating that its number of subscribers jumped 16% year-over-year to reach 269.6 million.
Analysts only expected the streamer to have about 264.2 million subscribers, CNBC reports.
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The company also brought in $9.37 billion in revenue versus analysts' expectations of $9.28 billion.
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However, Netflix said that its membership numbers are no longer the main factor contributing to the company's growth.
As a result, the company will stop providing "quarterly membership numbers or average revenue per user" beginning in 2025, CNBC reports.
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Instead, it will divulge "major subscriber milestones as we cross them.".
Price hikes, terminating password sharing and offering an ad-supported tier are all tactics that have boosted revenue.
Netflix is also seeking to gain traction within the video game space and recently partnered with TKO Group Holdings to offer WWE on the platform.
We’re in the very early days of developing our live programming and I would look at this as an expansion of the types of content we offer, the way we expanded to film and unscripted and animation and most recently games, Ted Sarandos, co-CEO of Netflix, via earnings call.
We believe that these kind of event cultural moments like the Jake Paul and Mike Tyson fight are just that kind of television, and we want to be part of winning over those moments with our members as well, so that for me is the excitement part of this, Ted Sarandos, co-CEO of Netflix, via earnings call.
As of the morning of April 18, Netflix's stock was up 27%
