Netflix revenue has seen growth after its Q2 2024 report showed an increase in the total number of subscribers – adding 8 million subscribers and reaching a global base of 277.65 million subscribers. This was a surprise for Wall Street, especially given the fact that the company stock was withdrawn in the lower direction for future income.
Netflix earnings of $9.559 billion and pay per share entered just in front of Wall Street analyst's consensus expectations. A gain of 4.7 million was estimated in Q2 2024, based on the nearly doubled subscriber additions, and this would represent a fall from the 5.9 million added in Q2 of 2023.
The company claims that Netflix earnings expectations would rise by 14% in the third quarter of the 2024 fiscal year, ending on September 30 with a reduced rate of subscriber rise than the third quarter of 2023. That would include the first full quarter strike from paid password sharing.
The streaming leader also declares that the average Netflix revenue per subscriber will idle in the next quarter, due to something they explained as “ongoing F/X headwinds and plan and country mix.”
The result reflects another active stretch in Netflix stock price leadership from the streaming business. During Q2 2024, Netflix hosted its first open presentation for promoters in New York. Also, it defined its position in streaming live sports, claiming rights to Christmas Day NFL confrontations starting this year.
Hits on Netflix in Q2 2024
The company's main business of providing original series and movies has also been on a consistent track. Netflix earnings expectations were underlined by the release of the third season of Bridgeton, which has rapidly become one of the most-viewed titles in company record.
The streamer also mentioned “Queen of Tears” and “The Great Indian Capil Show”. In the movie category, it also referred to popular films such as “Under Paris” (90m views), Jennifer Lopez science-fiction action film “Atlas” (79,3m), and Richard Linklater’s comedy “Hit Man” (33.2m views).
Formerly, the second quarter is known for the lowest rate of subscriber additions of any quarter. The latest statistics were not quite the megahit event of the last quarter when were added to Netflix revenue of more than 9 million subscribers to hit the global number of almost 270 million members.
Nevertheless, the company has continued to put its dark period of late 2021 and 2022 into the backview mirror. Netflix stock price has flowed almost 40% in 2024 to date, shortly achieving a nearly 3-year high north of $697 a share.
In addition, Netflix poured cold water on the idea of teaming up with any of its competitors, such as Disney+ or Max, to bundle its latest financials.
The company noted in a letter to the shareholders: “We haven’t bundled Netflix solely with other streamers like Disney+ or Max because Netflix already operates as a go-to destination for entertainment thanks to the breadth and variety of our slate and superior product experience. This has driven industry-leading penetration, engagement, and retention for us, which limits the benefit to Netflix of bundling directly with other streamers.”
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