Netflix pleases investors with record subscriber numbers

Netflix has announced its financial results for the final quarter of 2023, delivering a performance that exceeded expectations. The company's subscriber count increased by 13.1 million compared to the same period last year, bringing the total number of subscribers to 260.8 million and setting a new record.

Revenue reached 8.83 billion dollars, an increase of 12.5 percent compared to the same period the previous year. Market expectations were 8.72 billion dollars. Netflix's earnings per share were announced as 2.11 dollars, while 2.22 dollars had been expected.

Netflix raised its operating margin forecast for 2024 from the 22-23 percent range to 24 percent. Additionally, earnings per share for the first quarter of the 2024 fiscal year are projected to be 4.49 dollars, a figure above the 4.10 dollars expected by Wall Street.

The company emphasized its commitment to continuing to improve its entertainment offerings and investing while its competitors cut back on content spending. After closing the day with a 1.33 percent increase following the earnings report, Netflix shares rose another 8.66 percent in after-hours trading.