On April 18th local time, American streaming giant Netflix announced its first quarter results for the 2024 fiscal year.
The first quarter report showed that the company's revenue increased by 14.8% year-on-year to 9.37 billion US dollars, exceeding market expectations of 9.28 billion US dollars; The net profit was 2.33 billion US dollars, a year-on-year increase of 79%; Earnings per share was $5.28, better than the expected $4.52.
As of the end of March, the total number of members of the company in the first quarter increased by 16%, reaching 269.6 million, higher than Wall Street's expectation of 264 million. User growth and profitability both reflect Netflix's impressive performance as a streaming giant.
Netflix announced that starting from the first quarter of next year, the company's quarterly report will no longer disclose data on the number of subscribers. Netflix stated that in the early stages of the company's establishment, membership growth was a powerful indicator of the company's future development potential. Now that the company has developed new sources of revenue such as advertising, the number of members is no longer the only factor judging the company's growth.
The company stated in its quarterly letter to shareholders, "Revenue and operating profit margin will be the company's main financial indicators, and engagement (i.e. time spent) will be the indicator of customer satisfaction."
According to Wind data, as of the close of April 18th local time, the company's stock price has risen by over 25% this year and over 80% in the past 12 months.