The entertainment giant added 9.3 million subscribers in the latest quarter – more than expected by analysts on Wall Street – leaving it with a re

Netflix profits surge as streaming service adds 9.3m subscribers in latest quarter

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2024-04-18 23:30:05

The entertainment giant added 9.3 million subscribers in the latest quarter – more than expected by analysts on Wall Street – leaving it with a record 269.6 million worldwide.

“We’re off to a good start in 2024,” the company said. Its shares dropped 2% during out-of-hours trading on Thursday, however, after rallying by almost a third since the turn of the year.

While still churning out hit series including Fool Me Once, 3 Body Problem and The Gentlemen, to broaden its service Netflix is also investing in live events, including coverage of World Wrestling Entertainment and videogaming.

In a letter to investors on Wednesday night, the company announced it would stop reporting how many paying subscribers it has starting next year.

Revenue at Netflix rose 15% to $9.4bn in the three months to 31 March. Net income jumped 79% to $2.3bn over the same period, clearing analysts’ expectations.

Netflix, based in Los Gatos, California, pioneered the streaming revolution. Hollywood’s established giants, from Disney to Warner Bros, are still scrambling to catch up – and turn a profit on their own rival digital services.