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Netflix Adds Record 19 Million Subscribers in Q4; Shares Surge Over 15%

Jan 21, 2025, 09:52 PM

Netflix reported its Q4 2024 earnings, showcasing a record quarterly subscriber growth of 19 million, surpassing analyst expectations and marking the highest in the company's history, even exceeding the COVID-19 boost of 2020. The streaming giant's total subscriber count exceeded 300 million for the first time, ending the year with 302 million subscribers. The significant growth was attributed to its first major live sporting events, including the Jake Paul vs. Mike Tyson boxing match, which became the most-streamed sporting event ever, and NFL games. Popular returning series like 'Squid Game' also helped boost subscriber numbers. Netflix reported revenues of $10.13 billion and earnings per share of $4.20, both exceeding forecasts. The company's ad revenue doubled year-over-year and is expected to double again in 2025. Following the strong results, Netflix shares soared over 15% in after-hours trading, surpassing $1,000 per share. Netflix also announced price increases for its premium and standard plans in the US and plans further increases in 2025. The company's net profit increased by 61% in 2024, reaching $8.7 billion.