Netflix shares surge 9 percent following earnings from 'Nobody Wants This', 'Emily in Paris'
Date
10/20/2024 6:23:26 AM
(MENAFN) Shares of Netflix surged approximately 9 percent in early trading on Friday following a robust earnings report driven by popular shows such as "Nobody Wants This" and "The Perfect Couple." The company reported an addition of around 5 million subscribers during the three-month period ending in September. While this figure represents a roughly 40 percent decline compared to the same period last year, it nonetheless contributed to an impressive revenue total of nearly USD10 billion. This growth can be partly attributed to the rising popularity of a subscription tier that includes advertisements, according to the earnings report released on Thursday. The revenue figure reflects a 15 percent increase when compared to the same quarter last year.
With this latest growth, Netflix now boasts approximately 282 million subscribers worldwide, solidifying its position as the most popular streaming service by a significant margin. In contrast, Warner Bros. Discovery reported roughly 103 million subscribers across its HBO, HBO Max, and Discovery+ services in an earnings report published in August. "We're feeling really good about the business," stated Ted Sarandos, the company's co-CEO, during a conference call with Wall Street analysts.
Among the notable content that contributed to this quarter’s success were the latest season of "Emily in Paris," as well as films like "Monster High 2" and "Rebel Ridge." Additionally, the company has expanded its live broadcasting capabilities, which featured a highly publicized face-off between competitive eaters Takeru Kobayashi and Joey Chestnut in September. During the earnings call, Netflix highlighted that its users watch approximately two hours of content per day, indicating an upward trend compared to the previous year.
Looking ahead, Netflix anticipates continued growth in the coming year, supported by a lineup of exciting programming, including new seasons of popular shows like "Wednesday" and "Squid Game," along with an upcoming installment in the "Knives Out" film series. The company has forecasted revenue of up to USD44 billion for the next year, which would represent a projected increase of about 13 percent over its current performance.
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