Netflix Reports Strong Q2 Earnings with EPS $4.88, Revenue $9.56B, Adds 8.05M Subscribers

Jul 18, 2024, 08:06 PM

Netflix reported strong second-quarter earnings for 2024, surpassing Wall Street expectations. The company posted revenue of $9.56 billion, up 17% year-over-year, and net income of $2.15 billion, translating to earnings per share (EPS) of $4.88, exceeding the expected $4.74. Netflix added 8.05 million new subscribers, significantly higher than the forecasted 4.87 million, bringing its total paid memberships to 277.65 million. The company's ad-supported memberships grew by 34% quarter-over-quarter. Despite the positive results, Netflix's stock fell in after-hours trading due to lower-than-expected revenue guidance for the third quarter, with projected revenue of $9.73 billion versus the estimated $9.83 billion.