Are You Still Watching? Netflix Posts Q2 Earnings Beat, Lowers Q3 Revenue Guidance
July 19, 2024 at 10:07 am - by Ashlee Vogenthaler
The streaming giant Netflix (NFLX) reported earnings after the close on Thursday that beat Q2 EPS $4.88 vs FactSet $4.74 and slightly on revenues. Additionally, the company added 8M subscribers from April to June, a 37% increase over the same time last year. However, despite the positive quarter, shares fell as the company missed on Q3 revenue guidance ($9.73Bn vs FactSet $9.81Bn) as the boost from its password-crackdown fades.
The company has been making progress in its initiative to scale its ad business. Ads tier membership grew 34% q/q and intends to test out its in-house ad tech platform in Canada this year with a broader launch in 2025.
