Netflix reported a significant beat in its Q1 2024 earnings, with a revenue of $9.37 billion and earnings per share (EPS) of $5.28, surpassing estimates of $9.26 billion and $4.52 respectively. The streaming giant added 9.33 million new subscribers, nearly doubling the expected 4.84 million, bringing its total to approximately 270 million subscribers. Despite these strong results, Netflix announced it will stop reporting quarterly subscriber numbers starting Q1 2025, a move that led to a 4% drop in its stock price after hours. For Q2, Netflix forecasts an EPS of $4.68 and revenue of $9.49 billion. The company also raised its FY24 revenue growth forecast to 13-15% and operating margin forecast to 25%.
