Netflix, a leading global entertainment service, reported a robust financial performance for the third quarter ended September 30, 2024. The company saw a 15% year-on-year increase in total revenues, reaching $9.82 billion, up from $8.54 billion in the same period last year. Operating income surged by 52% to $2.91 billion, compared to $1.92 billion in the previous year, with an operating margin improvement from 22.4% to 29.6%. Despite a 42% decline in paid net membership additions, the company still managed a 14% growth in paid memberships at the end of the period, totaling 282.72 million. Average monthly revenue per paying membership remained stable at $11.69. The company's effective tax rate increased slightly to 13% from 12% the previous year. In terms of business development, Netflix continues to operate as a single segment and...Show More

Netflix, a leading global entertainment service, reported a robust financial performance for the third quarter ended September 30, 2024. The company saw a 15% year-on-year increase in total revenues, reaching $9.82 billion, up from $8.54 billion in the same period last year. Operating income surged by 52% to $2.91 billion, compared to $1.92 billion in the previous year, with an operating margin improvement from 22.4% to 29.6%. Despite a 42% decline in paid net membership additions, the company still managed a 14% growth in paid memberships at the end of the period, totaling 282.72 million. Average monthly revenue per paying membership remained stable at $11.69. The company's effective tax rate increased slightly to 13% from 12% the previous year. In terms of business development, Netflix continues to operate as a single segment and focuses on streaming services, with total U.S. revenues of $4.0 billion for the quarter. The company's future plans include improving content offerings and service, with expectations of revenue growth, operating income, and margin expansion. Netflix also anticipates investments in original programming and marketing to drive membership growth and enhance member experience. The company's cash and equivalents saw a 29% increase to $9.23 billion, and it continues to manage a significant content obligation of $22.7 billion. Netflix's strategy remains focused on global expansion within the parameters of its operating margin target, aiming to continuously improve member experience and drive conversation around its content.