Netflix now has nearly 270 million subscribers after another strong showing to begin 2024

tech.hindustantimes.com:

Netflix gained another 9.3 million subscribers to start the year while its profit soared with the help of a still-emerging expansion into advertising, but caught investors off guard with a change that will make it more difficult to track the video streaming service's future growth.

The performance announced Thursday demonstrated that Netflix is still building on its momentum of last year, when a crackdown on free-loading viewers relying on shared passwords and the rollout of a low-priced option including commercials revived its growth following a post-pandemic lull.

The strategy resulted in Netflix adding 30 million subscribers last year — the second largest annual increase the service's history.

Netflix's gains during the January-March period more than quadrupled the 1.8 million subscribers that the video streaming service added at the same time last year, and was nearly three times more than analysts had projected. The Los Gatos, California, company ended March with nearly 270 million worldwide subscribers, including about 83 million in its biggest market covering the U.S. and Canada.

Investors increasingly are viewing Netflix as the clear-cut winner in a fierce streaming battle that includes Apple, Amazon, Walt Disney Co. and Warner Bros. Discovery — a conclusion has caused its stock price to more than double since the end of 2022.

But Netflix surprised investors by disclosing in a shareholder letter that it will stop providing quarterly updates about its subscriber totals beginning next year, a move that will make it more difficult to track the video streaming service's growth — or contraction. The company has regularly posted its quarterly subscriber totals since going public 22 years ago.

Netflix's shares dipped more than 5% in extended trading, despite the strong financial showing.

In a video meeting with analysts, Netflix co-CEO Greg Peters said management believes the company's financial growth has become more meaningful to watch than