Netflix’s financial report highlights the success of the streaming service as the company announces a record-breaking 9.33 million new subscribers in the first quarter. The streaming giant’s revenue soared by 15%, with operating income growing by an impressive 54% and operating margin rising to 28%.
With a revenue of $9.37 billion, Netflix surpassed analyst projections and reported earnings per share of $5.28, outperforming expectations. The company now boasts a massive 270 million subscribers across 190+ countries, reaching an audience of over half a billion people.
The surge in subscriber numbers can be attributed to Netflix’s crackdown on password sharing, forcing users to pay for individual accounts. Additionally, executive salaries were capped, but Co-CEO Greg Peters saw his compensation nearly double from $26 million to $51.2 million, including a base salary of $2.89 million, stock awards of $22.7 million, a bonus of $13.9 million, and other compensation related to the use of company aircraft.
Netflix’s commitment to offering a diverse range of compelling stories to cater to various tastes has paid off, solidifying its position as a leader in the entertainment industry. Shareholders are likely pleased with the company’s upward trajectory and continued success in attracting new subscribers.
Overall, Netflix’s financial report highlights the streaming service’s continued growth and success, setting the stage for even more exciting developments in the future.