Platform said it will stop reporting paid quarterly membership and revenue per subscriber, starting in the 2025
Netflix has rebounded from a slowdown in 2021 and 2022 to grow at its fastest rate since the early days of the coronavirus pandemic.Netflix posted its best start to the year since 2020, attracting more new customers than anyone expected thanks to a strong slate of original programs and a crackdown on password sharing.
Despite the growth, Netflix shares were down 4.6 per cent to $582.70 at 6.03pm New York time. They were up 25 per cent this year through the close of regular trading Thursday.Expectations for Netflix’s first quarter had soared in recent days, as one analyst after another published rosy forecasts. In its letter to investors Thursday, the company said subscriber gains will be lower this period, while revenue will increase 16 per cent.
“The movement to no longer disclose quarterly subscriptions from next year will not go down well,” Paolo Pescatore, founder and analyst at PP Foresight, said in an email. “More so given the subscriber growth that the streaming king has seen over the last year.” Those new customers have had plenty to watch. Netflix has delivered a new hit every couple weeks so far this year, including limited series such as Fool Me Once and Griselda, the dramas The Gentleman and 3 Body Problem and the reality show Love Is Blind.
The recent growth has lifted Netflix shares back toward record highs, giving the company a market value of more than $260 billion. It set an all-time closing high of $691.69 in November 2021.
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