Revenue climbed 16% to $11.1 billion for the quarter ending June 30, surpassing both analyst expectations and the company’s own projections. Net profit surged to $3.1 billion, prompting Netflix to raise its full-year revenue forecast to between $44.8 billion and $45.2 billion.
Netflix highlighted the continued popularity of Korean content, reinforcing its global strategy. Looking ahead, the company is optimistic about upcoming releases, including the second season of “Wednesday,“ the final season of “Stranger Things,“ and new films from acclaimed directors like Kathryn Bigelow and Guillermo del Toro.
Investors have responded positively, with shares rising over 40% year-to-date. The company’s crackdown on password sharing and introduction of ad-supported tiers have boosted profitability. While Netflix no longer discloses subscriber numbers, it continues to focus on engagement metrics.
“With another robust earnings showing in Q2, Netflix continues a winning streak going back several quarters and cements its place as the leader among streaming services,“ said Emarketer analyst Paul Verna. - AFP
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