Company news: Netflix (NFLX) quarterly results top analysts’ estimates

Netflix (NFLX) reported Q2 FY2024 earnings of $4.88 per share (versus $3.29. per share in Q2 FY2023), beating analysts’ consensus estimate of $4.74 per share.

The company’s quarterly revenues amounted to $9.559 bln (+16.8% y/y), slightly beating analysts’ consensus estimate of $9.527 bln.

The company's global streaming paid net adds in Q2 FY2024 were +8.05 mln versus its prior guidance of "lower than Q1's +9.33 mln."

Netflix issued mixed guidance for Q3 FY2024, seeing EPS of $5.10 versus analysts’ consensus estimate of $4.74 and revenues of $9.727 bln versus analysts’ consensus estimate of $9.81 bln. It also said it expects paid net additions to be lower than Q3 FY2023, which had the first full quarter impact from paid sharing.

The company raised FY2024 revenue growth forecast to +14-15% y/y from +13-15% y/y in its prior guidance.

NFLX fell to $640.06 (-0.46%) in pre-market trading.