For the three months ended September 30, 2024, Netflix, Inc. reported revenues of $9,824.7 million, a 15% increase from $8,541.7 million in the same period of 2023. For the nine months ended September 30, 2024, revenues reached $28,754.5 million, up from $24,890.5 million in 2023, marking a 15% increase. The growth in revenue was primarily driven by an increase in average paying memberships and price adjustments, despite some adverse effects from foreign exchange fluctuations.
Operating income for Q3 2024 was $2,909.5 million, a significant rise of 52% from $1,916.4 million in Q3 2023. For the nine-month period, operating income increased to $8,144.8 million from $5,457.9 million in the previous year. Net income for Q3 2024 was $2,363.5 million, compared to $1,677.4 million in Q3 2023, while for the nine months, net income rose to $6,843.0 million from $4,470.2 million.
Basic earnings per share for Q3 2024 were $5.52, up from $3.80 in Q3 2023, and diluted earnings per share increased to $5.40 from $3.73. For the nine months, basic earnings per share rose to $15.91 from $10.08, and diluted earnings per share increased to $15.56 from $9.90.
Total cash, cash equivalents, and restricted cash at the end of Q3 2024 amounted to $7,459.1 million, slightly up from $7,356.8 million a year earlier. The company reported a net cash provided by operating activities of $2,321.1 million for Q3 2024, a 17% increase from $1,992.3 million in Q3 2023.
In terms of strategic developments, Netflix entered into a five-year, $3 billion unsecured revolving credit facility in April 2024, replacing a previous $1 billion facility. As of September 30, 2024, no amounts had been borrowed under this new agreement. The company also repurchased 2.6 million shares for $1.7 billion during Q3 2024, with a total of 8.7 million shares repurchased for $5.3 billion in the nine months.
The company’s streaming revenues for Q3 2024 were $9,824.7 million, up from $8,519.3 million in Q3 2023, while paid net membership additions for the same period were 694, down from 1,750 in Q3 2023. The EMEA region saw streaming revenues increase to $3,133.5 million from $2,693.1 million, while the LATAM region reported a slight decline in paid net memberships.
Overall, Netflix's financial performance for the third quarter and the first nine months of 2024 reflects strong revenue growth and improved profitability, despite challenges in membership additions and foreign exchange impacts.
About NETFLIX INC
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