Fri, Oct 18, 8:04 PM (76 days ago)
In the third quarter of 2024, Netflix, Inc. (NFLX) reported revenues of $9,825 million, a 15% increase from $8,542 million in Q3 2023, driven by higher average paying memberships and price increases despite adverse foreign exchange impacts. Operating income surged 52% to $2,909 million, with an operating margin of 29.6%, up from 22.4% year-over-year. Net income rose to $2,364 million, translating to diluted earnings per share of $5.40, compared to $3.73 in the prior year. Cash flow from operations increased by 17% to $2,321 million, while cash and short-term investments reached $9,226 million, a 29% rise. However, cash used in investing activities significantly increased due to $1.7 billion in investments, leading to a net cash outflow in this segment. The company continues to focus on content investments, with total content obligations of approximately $22.7 billion. As of September 30, 2024, Netflix's total debt stood at $15,981 million, reflecting a 10% increase, primarily due to new issuances. The firm remains committed to stock repurchases, having repurchased shares worth $5.3 billion in the year-to-date. Overall, Netflix's financial health appears robust, with strong revenue growth and operational efficiency, despite ongoing foreign exchange challenges.