Netflix sees revenue, subscriptions and profits increase, but share falls with company forecasts

Netflix had net income of $2.33 billion in the first quarter of 2024, an adjusted earnings of $5.28 per share. The profit is much higher than that recorded in the same period in 2023, which was US$1.30 billion, or US$2.88 per share. Analysts consulted by FactSet predicted lower profits in the first three months of 2024, at US$4.51 per share.

The company's revenue was US$9.37 billion in the period, an increase of 14.8% compared to the same quarter of the previous year. The value was lower than expected by analysts interviewed by FactSet, who expected revenue of US$9.53 billion. Netflix provided second-quarter sales forecast of about $9.49 billion, while FactSet analysts predicted $9.53 billion. The company forecast $4.68 in earnings per share for the second quarter, slightly above the $4.54 expected by analysts.

Streaming added 9.33 million subscribers in the first quarter, or more than five times the number of customers added in the same quarter last year. In turn, Netflix disclosed in its balance sheet that it plans to stop presenting “quarterly member numbers” from the first quarter of 2025.

At 5:41 pm (Brasília time), Netflix shares fell 3.86% in New York after-hours.