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Netflix (NFLX) Q2 2024 earnings results beat revenue and EPS expectations

The media streaming platform managed to perform better than expected for its Q2 2024 reporting period.

Sam Chandler

July 18, 2024 1:45 PM

Netflix

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As another quarter of the year passes by, more companies begin to report their earnings, with the latest being Netflix (NFLX). The media streaming platform managed to beat expectations for both revenue and EPS.

On July 18, 2024, Netflix (NFLX) reported its Q2 2024 earnings results. In the earnings report, which is available via its Investor Relations page, Netflix reported an EPS of $4.88/share versus a $4.74/share expected price, though it did miss its whisper number of $4.90/share. For revenue, the company achieved $9.56 billion against an expected $9.53 billion. The letter to investors had the following statement regarding revenue growth:

We had a strong Q2 with 17% revenue growth and an operating margin of 27% vs. 22% last year. We now expect full year 2024 reported revenue growth of 14% to 15% (up from 13% to 15%) and an operating margin of 26% (vs. 25% previously).

In its Q1 2024 earnings report, Netflix’s revenue was $9.37 billion, so today’s reporting is an increase. However, the previous quarter saw Netflix’s EPS come in at $5.28 per share, so today’s EPS is lower than it was three months ago.

Despite some pushback following its changes to password sharing, Netflix has seen positive moves over recent months. It hit 269.6 million subscribers in Q1 2024, while its host of video games have been well-received on the platform, including the aptly named Cozy Grove: Camp Spirit. The company has also announced that a Minecraft animated series is currently in development.

With Netflix beating expectations for its Q2 2024 earnings report, it will be interesting to see its Q3 2024 results. Keep an eye on our Netflix page as we continue to cover the company’s reporting periods as well as the latest announcements relating to shows, movies, and its video game efforts.

Sam Chandler

Head of Guides

Hailing from the land down under, Sam Chandler brings a bit of the southern hemisphere flair to his work. After bouncing round a few universities, securing a bachelor degree, and entering the video game industry, he's found his new family here at Shacknews as Head of Guides. There's nothing he loves more than crafting a guide that will help someone. If you need help with a guide, or notice something not quite right, you can message him on X: @SamuelChandler