Netflix exceeded Wall Street expectations in the third quarter of 2024, reporting impressive financial results and subscriber growth. The streaming giant added over five million new subscribers, bringing its total user base to approximately 282.7 million. Revenue climbed 15% year-over-year to $9.8 billion, while profits soared to $2.36 billion. The company's ad-supported tier emerged as a key growth driver, experiencing a 35% increase in users over three months.
Market Response and Future Outlook
Despite initial volatility in after-hours trading, Netflix shares ultimately gained more than 3% following the earnings announcement. The company projects continued revenue growth of nearly 15% for the current quarter, fueled by hit series and efforts to curb password sharing. Analysts view the robust growth and successful strategy against account sharing as promising indicators for Netflix's future performance. With an average price target of $663.57, some experts anticipate further upside potential due to planned price increases and the introduction of paid account-sharing options.
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Netflix Stock: New Analysis - 18 OctoberFresh Netflix information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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