The Netflix logo is displayed above its corporate offices on January 24, 2024 in Los Angeles, California.
Mario Tama | Getty Images
Netflix reported second-quarter earnings Thursday that showcased the media giant’s position at the head of the streaming race as it added more global subscribers and saw strong growth in its advertising business.
The streamer said its ad-supported memberships grew 34% during the period compared to the same quarter last year.
Advertising has become an increasingly important business model for media companies to boost — or in some cases, achieve — profitability for streaming. Netflix’s stock has been boosted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing.
Here’s how the company performed for the period ended June 30, compared with Wall Street expectations:
- Earnings per share: $4.88 vs $4.74 per share expected by LSEG
- Revenue: $9.56 billion vs.9.53 billion expected by LSEG
- Total memberships: 277.65 million global paid …