Netflix added a robust 8mn new subscribers in the second quarter thanks to hit shows such as Baby Reindeer and Bridgerton, lifting the streaming service’s revenue and earnings past Wall Street forecasts.
The new subscriber sign-ups were the most in a second quarter since 2020, when Netflix saw explosive growth during the pandemic. But the company warned that new subscriber additions in the current quarter would be lower than a year ago, when its crackdown on password sharing went into full effect.
Earnings rose 48 per cent to $4.88 a share on revenue of $9.6bn, beating Wall Street forecasts. Netflix also lifted its revenue estimate for the full year, which it said “reflects solid membership growth trends and business momentum”.
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