According to TradingPlatforms.com, the streaming giant reported that its global membership had grown by 1.75 million in the first quarter to 232.5 million, marking a new milestone for the company.
This also marked the first earnings call since Reed Hastings stepped down from his role as CEO and moved up to executive chairman. Hastings was replaced by Greg Peters and Ted Sarandos, who now share the role of co-CEOs.
Edith Reads, TradingPlatform’s financial analyst commented on the data saying,” The streaming giant has had an impressive growth trajectory since it first launched and its latest numbers only continue to prove its power in the streaming industry. It’s clear that Netflix has managed to capture a global audience with its wide variety of content, from blockbuster movies to award-winning documentaries.”
In addition to reporting on subscriber totals, Netflix also revealed that it generated $8.16 billion in revenue for the first quarter. It has seen a 3.7% per cent year-over-year growth in Q1 2023, just below Wall Street’s expectations of $8.18bn. Operating income was reported at $1.71bn, and operating margin came in at 21%, compared to 25% from the year-ago period. Net income for the quarter was reported to be $1.3bn, and diluted earnings per share were $2.88, ahead of analysts’ expectations of $2.86. The full story and statistics can be found here: Netflix Subscribers Surge to 232.5 Million in Q1 2023