Netflix surpassed Wall Street analysts' expectations, reporting 5 million new subscribers
Kyiv • UNN
Netflix reported 5 million new subscribers in the third quarter, increasing its revenue to $9.8 billion. The company plans to stop sharing passwords between users and add tiered advertising for $6.99 per month.
Currently, the streaming giant expects almost 2.4 billion dollars in revenue. But the company is not stopping and, as part of its strategy to increase revenue, plans to stop sharing passwords between users.
Writes UNN with references to Spiegel and Latimes.
Streaming giant Netflix has demonstrated that it has room for growth. The company reported 5 million new subscribers in the third quarter (approximately 282 million users worldwide). Also, Netflix increased its revenue to $9.8 billion in the third quarter, which is about 15% more than in the same period in 2023. Profit for the same period increased from $1.68 billion to $2.36 billion.
Morgan Stanley analysts Benjamin Swinburne and Thomas Yeh wrote in a note to clients before Netflix's earnings release:
After this volatile period of media disruption, Netflix has achieved a leadership position that few could have predicted nearly a decade ago. The company's revenues and TV time share show “long-term growth potential
Netflix continues to make plans to increase its revenue. It plans to stop sharing passwords between users and add multi-level advertising that costs $6.99 per month.
