The Globe and Mail reports in its Friday edition that Netflix on Thursday said it gained over eight million subscribers in the second quarter. A Reuters dispatch to The Globe reports that Netflix saw growth due to a crackdown on password-sharing and the popularity of titles such as Bridgerton, Baby Reindeer and The Roast of Tom Brady. While the subscriber gains exceeded analyst predictions of five million, Netflix also cautioned that third quarter subscriber gains would be lower than the comparable period in 2023 when the password-sharing crackdown had just started. Netflix also said its vice-president of ad sales, Peter Naylor, was departing. Netflix said it did not expect advertising to be a primary driver of revenue growth until at least 2026.
Netflix reported diluted per-share earnings of $4.88 (U.S.), compared with consensus forecasts of $4.74 (U.S.). Revenue for the quarter reached $9.56-billion (U.S.), in line with estimates. At the end of June, the new sign-ups brought the total number of global Netflix subscribers to more than 277 million. Netflix is facing saturation in the United States and told Wall Street last quarter that it plans to stop regularly reporting new subscriber additions next year.
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