Netflix Inc. closed 2024 with its biggest quarterly subscriber gain in history, benefitting from its first major live sporting events and the return of Squid Game.
John Zechner, founder and chairman at J. Zechner Associates, joins and discusses his thoughts on Netflix earnings in focus as NASDAQ extends its gains in the market.
This is the final time Netflix will report quarterly subscriber numbers. The company’s stock has historically risen and fallen based on customer additions, but management is trying to get investors to prioritize financial metrics like sales and profit. The company reported revenue grew 16% to $10.2 billion for the quarter, the biggest gain since late 2021, and said sales will grow faster than predicted in 2025.
Shares of the streaming leader rose as much as 15% to $997.85 in extended trading after the results were announced. That would mark a new all-time high if it holds in regular trading on Wednesday. Yet a boxing match between Jake Paul and Mike Tyson delivered a record number of sign-ups for one day, according to the research firm Antenna, dwarfing even Netflix’s first National Football League games. The second of those games featured a halftime performance by Beyoncé.
The streaming giant got off to a slow start in advertising and has said it won’t produce material financial benefits until 2026. But it’s starting to make progress. The majority of new customers opt for advertising in the 12 markets where it is available, and the company said it would have enough scale to satisfy advertisers by the end of this year.
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