In the period from January to March, Netflix’s revenue jumped about 15 percent, to $9.37 billion, according to a report published on Thursday. Net profit increased by 80.2 percent, to 2.33 billion dollars.
The jump in income is explained by a larger number of subscribers and higher prices.
They state that in the first quarter they increased the number of subscribers by 9.33 million, to 269.6 million, adding that starting next year they will no longer publish quarterly figures. Market observers interpret that decision primarily as an important indicator of competition with Disney and other streaming service providers.
The upward trend started last year with the company’s decision to suppress the practice of sharing passwords outside of households.
Netflix expects strong revenue growth in the second quarter as well, at a rate of 16 percent. The net number of subscriptions should still be lower than at the beginning of the year due to the usual seasonal factors. Throughout 2024, the company predicts revenue growth in the range of 13 to 15 percent.