Summary by Moomoo AI
Netflix, a global leader in entertainment services, reported a robust financial performance for the quarter ended June 30, 2024. The company saw a significant 17% year-on-year increase in streaming revenues, reaching $9.56 billion, up from $8.16 billion in the previous year. This growth was attributed to a rise in average paying memberships and price increases, despite unfavorable foreign exchange rates. Operating income surged by 42% to $2.6 billion, with operating margins expanding from 22% to 27%. The company's effective tax rate rose to 15% from 11% due to increased foreign taxes. Netflix's paid memberships grew by 16%, with 277.65 million subscribers at the end of the period. Average monthly revenue per paying membership saw a modest increase of 1%. The company's U.S. revenues alone amounted to $4.0 billion for...Show More
