LOS GATOS, Calif.—Netflix reported another blockbuster quarter by adding 9.33 million new subscribers in Q1, 2024 as global paid memberships hit 269.6 million, revenue increased by 15% YoY to $9.37 billion, operating income grew by 54% to $2.63 billion in Q1 2024 compared to Q1, 2023 and its operating margin jumped by seven percentage points to an enviable 28%.
It also gained subs in the highly competitive and saturated streaming markets of U.S. and Canada. Those two countries added 2.53 million subs in Q1, bringing its total to 82.658 million at the end of March 2024.
More controversially, Netflix said that starting in 2025 it will not be providing quarterly subscriber numbers. It stopped providing guidance on subscriber growth in 2023.
It also reported that it held 8.1% of all TV viewing in March 2024, up from 7.7% in December but down from 8.5% in July of 2023.
“Almost 270M households across 190+ countries now subscribe to Netflix,” its letter to share holders bragged. “With more than two people per household on average, we have an audience of over half a billion people. No entertainment company has ever programmed at this scale and with this ambition before.”
