TLDR:
- Netflix stock hit all-time high of $954, surging 10% after Q4 2024 earnings report, with market value now exceeding combined value of Disney, Comcast, Warner Bros. Discovery, and Paramount Global
- Subscriber base grew by 18.91 million in Q4 to reach 301.63 million total paid members, marking 16% year-over-year growth
- Revenue increased 16% to $10.25 billion, with earnings per share more than doubling to $4.27
- Ad-supported tier showing strong growth with 55% of new sign-ups choosing this option, and ad revenue doubled in 2024
- Company raised 2025 revenue guidance to $43.5-44.5 billion with improved operating margin outlook of 29%
The streaming giant Netflix delivered exceptional fourth-quarter results that sent its stock soaring to an all-time high of $954, representing a 10% jump in Wednesday’s trading session. The company’s market value now surpasses the combined worth of traditional media competitors Disney, Comcast, Warner Bros. Discovery, and Paramount Global.
The quarter marked a milestone for Netflix as its global paid membership base crossed the 300 million threshold, reaching 301.63 million subscribers. This achievement came through the addition of 18.91 million new members in Q4 2024, the largest quarterly increase in the company’s history.
Financial performance matched the strong subscriber growth, with revenue climbing 16% to $10.25 billion, exceeding analyst expectations of $10.11 billion. The company’s earnings per share showed remarkable improvement, more than doubling to $4.27, also beating the analyst consensus of $4.20.

Regional performance demonstrated Netflix’s global appeal. The U.S. and Canada region saw revenue increase by 15%, driven by a 12% rise in paid members and a 4% growth in average revenue per member. Asia led regional growth with a 26% revenue jump, followed by Europe at 18% and Latin America at 6%.
The company’s ad-supported membership tier continued to gain traction. In markets where this option is available, 55% of new sign-ups chose ad-supported plans. The number of members on these plans increased by 30% from the previous quarter, following a 35% jump in Q3.
Netflix’s content strategy showed strong results with popular shows driving engagement. The company recently began broadcasting WWE’s Monday Night Raw, which attracted 5 million viewers in its debut. The 2025 content lineup includes new seasons of hit shows like Stranger Things, Wednesday, Squid Game, and Alice in Borderland.
Price increases implemented across several regions, including parts of Europe, Asia, and Latin America, didn’t hamper growth. The company recently announced additional price hikes for most U.S. plans, as well as in Canada, Portugal, and Argentina.
Looking ahead to Q1 2025, Netflix projects revenue growth of more than 11% year over year to $10.42 billion, with earnings per share expected to rise about 6% to $5.58.
The company raised its guidance for 2025, now expecting revenue between $43.5 billion and $44.5 billion, up from the previous forecast of $43-44 billion. The operating margin outlook was also improved to 29% from 28%.
Ad revenue remains a key growth driver, with the company doubling this revenue stream in 2024 and expecting to repeat this performance in 2025. Netflix is expanding its ad-supported offerings to include extra member options in 10 of the 12 countries where such plans are available.
The company’s valuation reflects its strong performance, with a forward price-to-earnings ratio over 40 times analyst estimates for 2025.
Netflix will discontinue reporting quarterly membership numbers after Q4 2024, marking the end of this detailed metric disclosure.
Content remains central to Netflix’s strategy, with viewers showing similar engagement levels across both ad-supported and ad-free plans.
Trading activity showed strong investor confidence, with the stock continuing its upward trajectory, having nearly doubled over the past year.
Co-CEO Gregory Peters expressed optimism about advertising revenue potential, citing the $25 billion connected TV ad market opportunity driven by smart TV adoption rates.
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