Netflix Adds 9.33 Million Customers, Crushing Street Forecasts

Bloomberg04-19

(Bloomberg) -- Netflix Inc. posted its best start to the year since 2020, attracting more new customers than anyone expected thanks to a strong slate of original programs and a crackdown on password ...

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The company attracted new customers from all over the world, showing particular strength in the US and Canada. Those new subscribers helped Netflix beat forecasts for sales and earnings as well.The company will stop reporting paid quarterly membership and revenue per subscriber, starting with the first quarter of 2025. Those metrics have long been the primary way Wall Street evaluated the company’s performance, but Netflix has tried to shift the focus to traditional metrics like sales and profit. Management w","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","BK4532":"文艺复兴科技持仓","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0082616367.USD":"摩根大通美国科技A（dist）","CUBI":"Customers Bancorp Inc.","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","BK4108":"电影和娱乐","BK4507":"流媒体概念","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","BK4566":"资本集团","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","BK4587":"ChatGPT概念","BK4211":"区域性银行","BK4524":"宅经济概念","BK4527":"明星科技股","BK4588":"碎股","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU1046421795.USD":"富达环球科技A-ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4551":"寇图资本持仓","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","BK4581":"高盛持仓","BK4548":"巴美列捷福持仓","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC"},"translate_title":"Netflix,Inc.新增933万客户，打破街头预测","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CUBI":1},"content_text":"(Bloomberg) -- Netflix Inc. posted its best start to the year since 2020, attracting more new customers than anyone expected thanks to a strong slate of original programs and a crackdown on password sharing.\nMost Read from Bloomberg\n\nDubai Grinds to Standstill as Flooding Hits City\nElon Wants His Money Back\nRecord Rainfall in Dubai? Blame Climate Change, Not Cloud Seeding\nSingapore Loses ‘World’s Best Airport’ Crown to Qatar\nRed Lobster Considers Bankruptcy to Deal With Leases and Labor Costs\n\nNetflix added 9.33 million customers in the first quarter of 2024, according to a statement Thursday, nearly doubling the 4.84 million average of analysts’ estimates. The company attracted new customers from all over the world, showing particular strength in the US and Canada. Those new subscribers helped Netflix beat forecasts for sales and earnings as well.\nExpectations for Netflix’s first quarter have soared in recent days, as one analyst after another published rosy forecasts. The company delivered on expectations and signaled the growth would continue. Sales will grow by about 16% in the current second quarter — a slight increase from the first — the company predicted in a letter to shareholders. New subscribers will be lower this period than the first, the company said, citing seasonality.\nNetflix has rebounded from a slowdown in 2021 and 2022 to grow at its fastest rate since the early days of the coronavirus pandemic. That is due in large part to its crackdown on people who were using someone else’s account. The company estimated more than 100 million people were using an account for which they didn’t pay. While executives at Netflix feared a backlash from customers, the company has been able to convince millions of moochers to pay for access. \nThose new customers have had plenty to watch. Netflix delivered a new hit every couple weeks so far this year, including limited series such as Fool Me Once and Griselda, the dramas The Gentleman and 3 Body Problem and the reality show Love is Blind. The streaming service accounts for about 8% of TV viewing in the US, and is a leading TV network in most of the world’s major media markets. \n“With more than two people per household on average, we have an audience of over half a billion people,” the company said in the letter to shareholders. “No entertainment company has ever programmed at this scale and with this ambition before.” \nThe recent growth has lifted Netflix shares price back toward record highs. They were trading at more than $608 near the close Thursday, giving the company a market value of more than $260 billion. It’s still about 12% off its closing high of $691.69 in November 2021.\nThe company will stop reporting paid quarterly membership and revenue per subscriber, starting with the first quarter of 2025. Those metrics have long been the primary way Wall Street evaluated the company’s performance, but Netflix has tried to shift the focus to traditional metrics like sales and profit. Management will continue to report major subscriber milestones.\nSome analysts worry that Netflix is once again trading at a valuation that far exceeds the fundamentals of the business. The company delivered sales of $9.33 billion, rising 15% and beating estimates of $9.26 billion. Net income grew to $2.33 billion, or $5.28 a share, also above projections.\nThose figures are below companies with smaller market values, the boost from the crackdown on account sharing is temporary and Netflix executives have been reluctant to put a firm timetable on when that growth would stop. \nRead More: Netflix Valuation Is No House of Cards\nYet even skeptical analysts have been impressed with the company’s recent performance, lifting their price targets for investors. To sustain its growth going forward, Netflix has also introduced a cheaper, advertising-supported version of its service targeting cost-conscious customers. It’s also begun to invest in live programming, including stand-up specials, wrestling and an upcoming boxing match. \nAbout 40% of Netflix’s new customers are selecting the advertising option in markets where its available, the company said. The advertising tier is still minuscule relative to online video giants like YouTube.\nMost Read from Bloomberg Businessweek\n\nWhat Really Happens When You Trade In an iPhone at the Apple Store\nAging Copper Mines Are Turning Into Money Pits Despite Demand\nRents Are the Fed’s ‘Biggest Stumbling Block’ in Taming US Inflation\nFor Multinationals, Africa’s Allure Is Fading\nThe Pentagon Wants to Give Defense Startups a Chance \n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428542666"}