Netflix Third Quarter 2024 Earnings

• In Q3, revenue grew 15% year over year and operating margin was 30% vs. 22% last year. For 2024, we expect revenue growth of 15% (the high end of our 14% to 15% range), and operating margin of 27% (vs 26% previously).
• We’ve delivered a string of hits this quarter, including new series like The Perfect Couple, Nobody Wants This and Tokyo Swindlers, returning favorites like Emily in Paris and Cobra Kai and big films like Beverly Hills Cop: Axel F, Rebel Ridge and Officer Black Belt.
• Engagement, our best proxy for member happiness, remains healthy. Through the first three quarters of 2024, view hours per member amongst owner households (the clearest view of engagement trends post the introduction of paid sharing) increased year over year.
• We continue to build our advertising business and improve our offering for advertisers. Ads membership was up 35% quarter on quarter, and our ad tech platform is on track to launch in Canada in Q4 and more broadly in 2025.
• We’ve delivered on our plan to reaccelerate our business, and we’re excited to finish the year strong with a great Q4 slate, including Squid Game S2, the Jake Paul/Mike Tyson fight and two NFL games on Christmas Day. As we look ahead to 2025, we’re focused on improving every aspect of our service and continuing to deliver healthy revenue and profit growth.