Netflix logo projected on mobile phone for illustration photo. October 17, 2024, Krakow, Poland.
Beata Sales | Noor Photos | Getty Images
Netflix Shares rose on Friday after the media streaming giant reported third-quarter earnings and revenue that beat expectations.
As of 4:39 a.m. ET, Netflix shares were up 5.4% in U.S. premarket trading.
Netflix reported earnings per share of $5.40 for the three months ended September 30, beating the LSEG consensus estimate of $5.12. Revenue also beat expectations, reaching $9.83 billion, higher than analysts’ expectations of $9.77 billion.
Crucially, Netflix’s ad-supported membership tiers are showing momentum, up 35% quarter-over-quarter. While Netflix doesn’t expect advertising to become its main growth driver until 2026, the company said it accounted for more than 50% of registrations in the third quarter in countries where it offers advertising.
This breaking news story is being updated.
