Streaming giant Netflix (NFLX) added a record 18.9 million new subscribers during the fourth quarter of 2024.
The record subscriptions pushed Netflix’s total number of paid memberships worldwide to 301.63 million. That exceeds the 290.90 million subscribers that was expected on Wall Street.
The subscription numbers were included in the California-based company’s Q4 2024 financial results.
Netflix reported earnings per share (EPS) of $4.27 U.S., which topped the $4.20 U.S. consensus forecast of analysts.
Revenue in the period totaled $10.25 billion U.S., which was ahead of a consensus estimate of $10.11 billion U.S.
Netflix attributed the strong results to the success of its live sporting events and the return of popular television programs such as “Squid Game.”
Netflix broadcast two live NFL football games on Christmas Day, the first time it has done so.
Along with its earnings, Netflix also announced plans to raise prices. The company said that it is increasing prices for most streaming plans in the U.S., Canada, Portugal and Argentina.
In the U.S., the basic service with advertisements will increase by $1 U.S. a month to $7.99 U.S., a 14% price hike.
The premium streaming package without ads rises to $24.99 U.S. per month in America, a 9% increase.
The stock of Netflix is up 15% in premarket trading on news of the strong Q4 financial results.
Prior to today (Jan. 22), Netflix’s stock had risen 79% in the last 12 months to trade at $869.68 U.S. per share.
