Quarterly figures Netflix with five million more customers
Netflix gained more than five million customers in the past quarter and exceeded Wall Street's expectations. The growth of the video streaming market leader was strongly driven by the cheaper offer with advertisements.
17.10.2024, 23:32
SDA
This price tier recently had 35 percent more users than three months previously. Netflix now has a total of around 282.7 million customer households. According to the company, customers spend an average of two hours a day on the service.
Netflix increased its revenue in the third quarter by 15 percent year-on-year to a good 9.8 billion dollars. Analysts had expected slightly less than 9.8 billion dollars. At the bottom line, profit jumped to 2.36 billion dollars from around 1.68 billion dollars a year earlier.
Further boost from "Squid Game"
For the current quarter, Netflix is hoping for a further boost from the second season of the successful South Korean series "Squid Game", among other things, and is again expecting revenue growth of almost 15 percent.
Netflix has been taking action against password sharing since last year. This is also driving growth in user numbers. Many previous free riders took out their own subscription instead of turning their backs on Netflix.
Investors were delighted. Netflix shares rose by a good three percent in after-hours trading on New York's Wall Street.
