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Netflix adds 9.3 million subscribers in the first quarter of FY24
Revenue stood at $9.4 billion, up from $8.8 billion in the previous quarter.
Video streamer Netflix reported revenue of $9.4 billion and an addition of 9.3 million subscribers in its first quarter earnings for FY24, both up from last year.
It now has a sum of 269.60 million paid subscribers compared to 260.28 from the previous quarter.
In its letter to shareholders, the company said it has registered a 14.8% Y/Y growth and has forecast a 15.9% growth for the next quarter.
To sustain healthy growth long term, the letter said Netflix must continue to:
Improve the variety and quality of our entertainment — with more, great TV shows and movies, a stronger slate of games and must-watch live programming;
Innovate in our product and marketing — so fans can more easily discover, immerse themselves in and talk about the stories they love, fueling fandom and the Netflix Effect
Tap into additional revenue and profit pools — in particular scaling ads to become a more meaningful contributor to our business in ‘25 and beyond.
Also, Netflix will stop disclosing subscriber numbers each quarter going forward.