Published , by Bill Lavoy
Published , by Bill Lavoy
Netflix (NFLX) reported its Q1 2024 earnings today, and among the beats was the subscriber count. Netflix reported more than 5 million subscribers above what Wall Street had estimated.
Netflix reported 269.6 million subscribers in Q1 2024 against Wall Street estimates of 264.21 million subscribers. This information can be found on the first page of the company’s Q1 2024 earnings report, where we can see that Netflix is reporting 9 million more subscribers than in its previous quarter, Q4 2023. In fact, Netflix is reporting more than 37 million subscribers in Q1 2024 than it had in Q1 2023 when it reported 232.5 million. The company did not provide a forecast for subscribers in Q2 2024. In addition to this beat, Netflix also reported beats on revenue and earnings per share (EPS).
The news about Netflix subscription numbers also comes with a change to reporting for the company, with Netflix stating it would no longer report quarterly membership numbers. The decision behind this is that Netflix wants to focus on revenue and operating margin as its primary financial metric, as well as engagement. It states that engagement offers the best insight into customer satisfaction.
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