This was attributed to a robust lineup of original content and measures taken to address password sharing. According to a statement released on Thursday, the company added 9.33 million customers in the first quarter of 2024, nearly doubling the average analysts' estimate of 4.84 million. Netflix's customer growth spanned across global markets, with notable strength observed in the US and Canada.
These new subscriptions contributed to the company exceeding forecasts for both revenue and earnings.
Despite the growth, Netflix shares were down 4.6 per cent to $582.70 at 6:03 p.m. New York time. They were up 25 per cent this year through the close of regular trading Thursday.
Expectations for Netflix's first quarter had soared in recent days, as one analyst after another published rosy forecasts. In its letter to investors Thursday, the company said subscriber gains will be lower this period, while revenue will increase 16 per cent.
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