Washington (EFE).- The streaming service Netflix reported that its net profit increased in the first quarter of the year by 78.7% and reached 2,332 million dollars, and anticipated that in the whole of 2024 its income will grow up to 15%.
Netflix noted that its revenue grew from January to March by 14.8% to $9,371 million. While the number of subscribers increased by 16% to 269.6 million.
For the second quarter, the platform forecasts revenue of 9,491 million dollars and a net profit of 2,063 million.
Operating income from January to March reached $2,633 million. An increase of 53.6%, while the operating margin stood at 28.1%.
The company’s results far exceeded the expectations of analysts and the company itself. Earnings per share were $5.28, well above the $4.52 forecast.
Netflix said the company’s higher-than-expected increase in operating income was the result of “higher-than-anticipated revenue and timing” of content spending.
Its sharp increase in profits comes after the company introduced ads on the platform, ended shared accounts and increased prices for its service.
Subscribers with ads increased 65% compared to the last quarter of 2023.
