In the first quarter of 2024, the company added 8.05 million new subscribers. Analysts had previously expected 4.9 million new customers, so limiting the ability to share passwords may have paid off for the company.
Netflix reported a 17% increase in revenue to $9.56 billion, but its shares fell more than 4% in after-hours trading before returning to positive territory. He writes By Business Interested.
Netflix has consistently exceeded subscriber expectations in recent quarters, with the company reporting 9.33 million new users in the April quarter, double analyst estimates.
The streaming service recently began penalizing customers for sharing their passwords, a move that has proven successful. Many viewers who previously used someone else’s access data have started paying for their own.
Viewers have made judgments about the Netflix ad.
According to the latest data, Netflix gained 4.82 million subscribers in the second quarter. This is the company’s lowest expansion rate since the beginning of 2023, and also half of the 9.3 million new subscribers it added in the previous three months.
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