Netflix shares jump 5% in premarket after third-quarter earnings beat

Netflix logo is screened on a mobile phone for illustration photo. Krakow, Poland on October 17th, 2024.

Beata Zawrzel | Nurphoto | Getty Images

Netflix shares jumped Friday after the media streaming giant reported third-quarter earnings and revenue that beat expectations.

Shares of Netflix were up 5.4% in U.S. premarket trading as of 4:39 a.m. ET.

Netflix reported earnings per share of $5.40 for the three-month period ending Sept. 30, surpassing the $5.12 LSEG consensus estimate. Revenues also beat expectations, coming in at $9.83 billion, above the $9.77 billion anticipated by analysts.

Crucially, Netflix saw momentum in its ad-supported membership tier, which jumped 35% quarter-over-quarter. While Netflix doesn’t expect ads to become its primary growth drive until 2026, it said the ad-tier accounted for over 50% of sign-ups in the third-quarter in countries where it’s available.

This breaking news story is being updated.

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