Netflix shares popped 2.4% in after-hours trading on Thursday as the streamer beat Wall Street expectations for its third quarter of 2024, with its profits surging 41% year over year to $2.36 billion and revenue up 15% to $9.83 billion.
Here are the top-line results:
Net income: $2.36 billion, up 41% year over year, compared to $1.68 billion a year ago.
Earnings per share: $5.40 per share, compared to $5.09 per share expected by analysts surveyed by Zacks Investment Research.
Revenue: $9.83 billion, up 15% year over year, compared to $9.77 billion expected by analysts surveyed by Zacks Investment Research.
Subscribers: Netflix added 5.07 million subscribers in the quarter, up 14.4% to 282.72 million globally.
Netflix reported operating income of $2.9 billion and an operating margin of 29.6%. The company generated $2.19 billion in free cash flow during the quarter and had $2.32 billion in net cash from operating activities.
The company added 690,000 paid subscribers in the U.S. and Canada for a total of 84.8 million; 2.17 million in the Europe, Middle East and Africa region for a total of 96.13 million and 2.28 million in the Asia-Pacific region for a total of 52.6 million. However, Netflix shed 70,000 subscribers in Latin America for a total of 49.18 million.
Revenue for the quarter was $$4.32 million in the U.S. and Canada, $3.13 billion in the EMEA region, $1.24 billion in Latin America and $1.13 billion in the APAC region. Average revenue-per-paid member (ARM) grew 5% to $17.06 in the U.S. and Canada, was flat at $10.99 in the EMEA region, and fell 5% to $8.40 in Latin America and 4% to $7.31 in the APAC region.
More to come…
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