Netflix gains 13.1 million subscribers in 4th quarter
Netflix reported a record increase of 13.1 million subscribers in the fourth quarter of last year, according to its financial results released late Tuesday.
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The streaming service's paid memberships surged to 260.8 million by the end of 2023.
Netflix posted earnings of $2.11 per share for the quarter ending December 2023, falling short of market expectations. This shortfall was attributed to a non-cash loss caused by currency exchange rates.
The company's net income for October-December 2023 soared to $937.8 million, a significant rise from $55.3 million in the same period in 2022.
Revenue for the fourth quarter increased by 12.5% year-over-year, reaching $8.83 billion, up from $7.85 billion.
Looking ahead, Netflix has raised its full-year operating margin forecast for 2024 to 24%, up from its previous range of 22% to 23%.
