Netflix has announced its first-quarter financial results. In the months since its price hike, Netflix’s revenue has grown to $10.5 billion, up 13% from the same period last year. Net income has increased to $2.9 billion, and the company says it expects further growth in the coming months as the full impact of the recent price hikes kicks in.
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In January, Netflix raised prices on most of its plans, bringing the premium plan to $24.99 per month. In addition, the company raised the price of its Extra Member password-sharing option to $8.99 per month. The company has already increased its prices in the US, UK, and Argentina, and will soon hit France as well.
This quarter marks the first time Netflix hasn’t announced how its user base has changed over the three-month period. In January, the company reported that its user base had surpassed 300 million subscribers. During the earnings call, Netflix board member Greg Peters said he expects to “roughly double” advertising revenue in 2025. To achieve that goal, the company launched its own advertising platform earlier this year.
There was also talk of changes coming to Netflix. Peters confirmed that the Netflix app homepage will be redesigned later this year. He also hinted at an interactive search feature using generative AI technology. It was not specified when exactly the AI-powered features might become part of the streaming platform.