Password crackdowns are working really well for Netflix — in fact, the media streaming giant added millions of new subscribers because of it.
But even so, Netflix plans to stop reporting quarterly membership data starting next year, according to Netflix’s CEO Greg Peters, who said it will instead “focus on key metrics that matter most to the business.”
Shares of Netflix were slightly down in after hours, trading at $610.56, after it reported earnings on Thursday.
The streaming giant added 9.33 million subscribers during the first quarter, which is in part thanks to its efforts to limit password sharing, which it began less a year ago.
The company said it is now in nearly 270 million households across 190 countries. “With more than two people per household on average, we have an audience of over half a billion people,” it said. “No entertainment company has ever programmed at this scale and with this ambition before.”
Netflix breezed past Wall Street’s expectations. For the period, it posted revenue of $9.37 billion, about $5.28 earnings per share. Analysts had expected it would generate $9.26 billion, or $4.51 earnings per share.
Netflix could indeed be on its way toward “entertaining the world.” Earlier this week, the streaming giant said would be looking to produce stories that appealed to audiences across a variety of genres.
This story is developing, please check back for updates.