Netflix showed that its password-sharing crackdown continues to bear fruit, delivering its strongest first-quarter customer additions since the pandemic and further strengthening its position as the dominant global streamer. The company added 9.33 million subscribers in the first quarter, more than five times the number of customers it added during the same period a year earlier, with its efforts to limit password sharing continuing to bear fruit.
It delivered a stream of hit original TV shows early in the year, including science fiction epic "3 Body Problem," the latest season of reality series "Love is Blind," and TV drama "Griselda," as well as films like "Damsel" and lighter fare including "Irish Wish". The streamer’s continued growth comes as competitors like Disney and Paramount push to make their streaming services profitable.
Netflix’s subscriber growth through March was slower than the fourth quarter of last year, when it added 13.1 million subscribers, but remained robust, topping some Wall Street analyst forecasts. It expects net customer additions during the second quarter to be lower than the first quarter due to seasonality. The company reported first-quarter revenue of $9.37 billion, up almost 15% from $8.16 billion a year earlier and ahead of its own projections for the period.
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