Summary by Moomoo AI
Netflix, the global entertainment service, reported a robust financial performance for the first quarter ended March 31, 2024. The company saw a 15% increase in total revenues, reaching $9.37 billion compared to $8.16 billion in the same period last year. This growth was driven by a significant 54% rise in operating income, which amounted to $2.63 billion, and a 28% operating margin, up from 21% the previous year. Netflix's paid net membership additions soared by 433%, with 9.32 million new members, leading to a 16% increase in paid memberships at the end of the period, totaling 269.6 million. The average monthly revenue per paying membership saw a modest increase of 1% to $11.79. The company's U.S. revenues also grew from $3.3 billion to $3.9 billion year-on-year. Netflix entered into a new $3 billion...Show More
