Netflix Inc. added 13.1 million customers during the final quarter of 2023, beating Wall Street’s projection of 8.91 million.
This performance marked Netflix’s most robust quarter of growth since the initial days of the pandemic when audiences were confined to their homes.
The streaming giant’s quarterly report revealed a global triumph, with Netflix exceeding projections across every region, notably acquiring over 5 million subscribers in Europe, the Middle East, and Africa.
The strong performance bolstered sales to $8.83 billion in the quarter while stock value climbed as much as 8.9% to $535.91 in after-hours trading.
Over the past year, the streaming behemoth’s stocks have demonstrated an impressive 38% surge, underscoring its dominance amid a competitive streaming landscape.
Netflix’s triumph was not just a numerical feat but a strategic one. The company’s measures to crackdown on password sharing, introduction of a more affordable advertising-supported option, and a compelling content slate contributed significantly to its resounding success.
Hit shows such as the post-apocalyptic thriller “Leave the World Behind” and a documentary on soccer icon David Beckham played instrumental roles in retaining and attracting subscribers.
This triumph positions Netflix uniquely, especially in contrast to Hollywood competitors grappling with dwindling cable networks and unprofitable streaming services.
