Netflix enjoys huge subscriber gains in Q1

Netflix 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." The company added 9.33 million customers in the first quarter of 2024, "nearly doubling" the 4.84 million average of analysts' estimates. Netflix attracted new customers "from all over the world, showing particular strength" in the U.S. and Canada. But the company said to investors yesterday that subscriber gains "will be lower this period," while revenue "will increase" 16%. Netflix also said it will "stop reporting paid quarterly membership and revenue per subscriber," starting with the first quarter of 2025 (BLOOMBERG NEWS, 4/19).