Netflix posts Q4 revenue with double digit increase

Netflix, the world's leading streaming entertainment company, on Tuesday posted its fourth-quarter 2023 financial results with quarterly revenue of 8.83 billion U.S. dollars, a year-on-year growth of 12 percent, reported Xinhua.

Netflix earned 937.8 million dollars, or 2.11 dollars per share, in the quarter, up from net income of 55.3 million dollars, or 12 cents per share, year over year.

Netflix said in a letter to shareholders that the company added 13 million subscribers during the quarter, its largest fourth-quarter subscriber growth ever, exceeding the Wall Street's expectation of 8.7 million. The company now has 260 million paid subscribers worldwide.

Overall, Netflix generated 32 billion dollars in revenue in 2023 with 12 percent revenue growth, up from 6 percent growth in 2022.

Looking ahead to 2024, Netflix said it sees "big opportunities" to further improve its core TV and film content, while also broadening its offering into gaming, live entertainment and sports programming.

Netflix said it expects healthy double-digit revenue growth for full-year 2024, as it continues to add members and invest in its advertising business.

The company predicted possible further industry consolidation, particularly among companies with television networks, adding that it is not interested in acquiring traditional TV assets.