On October 17, 2024, a photo illustrating the Netflix logo screened on a mobile phone was captured in Krakow, Poland by Beata Zawrzel of Nurphoto for Getty Images.
Netflix shares rose on Friday following the announcement of the company’s third-quarter earnings and revenue, which exceeded expectations. The streaming giant’s stock experienced a 5.4% increase in U.S. premarket trading as of 4:39 a.m. ET.
The company reported earnings of $5.40 per share for the quarter that ended on September 30, surpassing the LSEG consensus estimate of $5.12 per share. Additionally, Netflix’s revenues exceeded forecasts, reaching $9.83 billion compared to the anticipated $9.77 billion.
Significantly, Netflix’s ad-supported membership tier demonstrated strong growth, increasing by 35% compared to the previous quarter. Although the company does not anticipate ads to become its primary growth driver until 2026, it reported that the ad-supported tier accounted for over half of the sign-ups in countries where it is available during the third quarter.
Updates to this breaking news story are ongoing.
