Netflix experienced a remarkable surge in its subscriber base during the last quarter of the previous year, adding a record-breaking 13.1 million new subscribers, as revealed in its financial report released on Tuesday.
The popular online streaming platform now boasts a total of 260.8 million paid subscribers as of the end of 2023.
Despite falling slightly below market expectations, the company reported per-share earnings of $2.11 for the three months ending in December 2023. This deviation was attributed to noncash losses resulting from fluctuations in currency exchange rates.
In the period of October to December 2023, Netflix’s net income skyrocketed to $937.8 million, a substantial increase from $55.3 million in the same timeframe in 2022.
The company’s revenue for the fourth quarter of 2023 also demonstrated robust growth, rising by 12.5% year-on-year to reach $8.83 billion, up from $7.85 billion in the corresponding period the previous year.
Netflix is optimistic about its future financial performance, as evidenced by its upward revision of the 2024 full-year operating margin forecast, which now stands at 24%. This marks an increase from the previously projected range of 22% to 23%. The streaming giant continues to demonstrate its resilience and popularity in the competitive entertainment industry.
Fahad is an entrepreneur and a marketing enthusiast who loves to write on trending topics. He loves travelling & playing tennis is what he does in his leisure time. He tweets @fahad164.
Email:- fahad164@gmail.com , fahad@themediaparadigm.com
