Netflix Adds 8 Million Subscribers, Beats Earnings Expectations, Total Subscribers Reach 278 Million

Jul 18, 2024, 08:25 PM

Netflix reported strong second-quarter earnings, adding 8 million new subscribers, significantly surpassing Wall Street's expectations of 4.5 million, bringing its total to 278 million subscribers. The company achieved an EPS of $4.88, beating the estimate of $4.76, and reported revenue of $9.53 billion, reflecting a 17% year-over-year growth. Despite these positive results, Netflix's stock initially fell due to cautious revenue guidance for the next quarter. The ad-supported tier, which now accounts for over 45% of new signups, saw a 34% quarter-on-quarter growth. Netflix's crackdown on password sharing and popular titles like 'Bridgerton' and 'Baby Reindeer' contributed to the subscriber growth. The company also announced plans to build an in-house ad tech platform, expected to launch in 2025, to further bolster its advertising business.