Netflix's Second Quarter 2024 Earnings Preview
As Netflix gets ready to announce its earnings for the second quarter of 2024, investors want to know if the popular streaming service can keep attracting lots of new subscribers, make the most of its ad-supported plans, and remain the top streaming platform.
When will Netflix share its latest earnings information?
Netflix will reveal its April through June 2024 financial results after the stock market closes on Thursday, 18 July 2024.
Another Netflix revenue increase seems to be on the cards
Netflix expects its revenue to increase 16% year-over-year to $9.49 billion in the second quarter of 2024 but analysts predict Netflix's Q2 revenue will be slightly higher at $9.53 billion. In the first quarter of 2024, Netflix's revenue was $9.37 billion, up 15% from the prior year.
Earnings are also expected to rise
Regarding earnings, Netflix forecasts net income of $2.06 billion, or $4.68 per share, for the second quarter of 2024 whereas analysts estimate Netflix's Q2 earnings per share will reach $4.74. For comparison, in Q2 2023, Netflix reported net income of $1.48 billion, or $3.29 per share. Netflix's net income in Q1 2024 was $2.3 billion, or $5.28 per share.
Further revenue growth in the pipeline
Year-over-year year Netflix expects 21% FX-neutral revenue growth in Q2. Paid net additions are likely to be lower in Q2 than Q1 due to seasonal trends but global average revenue per membership is predicted to increase year-over-year in Q2 (on an FX-neutral basis).
In Q1 2024, Netflix added 9.3 million net subscribers, grew global paid memberships 16% year-over-year to 269.6 million, and increased average revenue per membership 1% year-over-year (or 4% on an FX-neutral basis). Engagement remained solid
