![]() The company said it expected to spend in the range of nearly $17 billion in 2024 on content. This included successful returning seasons such as Outer Banks, You, Ginny & Georgia and a big sequel film Murder Mystery 2. ![]() Netflix delivered a strong content slate in the first quarter. Netflix said it is on track to meet its full-year 2023 financial objectives. The company expects revenue of more than $8.2 billion and a net income of $1.28 billion in the current quarter that will end on June 30. The company’s shares have jumped more than 13 per cent since the start of the year. They were trading 0.34 per cent down at $332.5 a share at 7pm New York time. “The launch in the second quarter will be broad, including the US and the bulk of our countries when we think about it from a revenue perspective,” said Netflix’s co-chief executive Greg Peters on earnings call.Īfter the earnings announcement, shares of Netflix dropped more than 10 per cent in after-hours trade but soon recovered to gain 1.4 per cent. “While this means that some of the expected membership growth and revenue benefit will fall in the third quarter rather than second quarter, we believe this will result in a better outcome for both our members and our business,” the company said. Paid sharing is an important initiative as “widespread account sharing undermines our ability to invest in and improve Netflix for our paying members, as well as build our business”, the company said.Įarlier, the California-based company said password-sharing crackdown would take place in the first quarter, but on Tuesday it announced it would implement it in the second quarter. Its season four hit more than one billion hours viewed. More than 100 million households, or over 42 per cent of Netflix’s global user base, are enjoying the video streaming platform through sharing of passwords but they are not directly paying to Netflix, according to the company’s records.Ĭast of Netflix's Stranger Things series. The streaming giant also pushed back the broad introduction of its password-sharing crackdown. This was above its guidance forecast of $1.6 billion due to "ongoing expense management and timing of hiring and content spend". ![]() The company’s operating income in the last quarter reached $1.7 billion, compared to $2 billion it earned in the same period last year. “Our members loved the choice and control that direct-to-consumer entertainment offered … DVD paved the way for streaming, ensuring that so much of what we started will continue long into the future.”
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