Netflix Inc (NASDAQ:NFLX) stock rose 1.36% (As on July 19, 11:08:27 AM UTC-4, Source: Google Finance) after the company reported second-quarter earnings 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. Netflix’s global paid memberships rose 16.5% year over year to 278 million compared to 274.4 million expected, according to StreetAccount. The company reported net income of $2.15 billion, up from $1.49 billion, during the second quarter of 2023. The streamer said its ad-supported memberships grew 34% during the period compared to the same quarter last year. Netflix has added more than 8 million subscribers in the second quarter, benefiting from the return of series such as “Bridgerton,” and “Baby Reindeer” and the live event “The Roast of Tom Brady,” as well as a password-sharing crackdown. In Q2 the company had a wide variety of hit series like Bridgerton S3, Baby Reindeer, Queen of Tears and The Great Indian Kapil Show, and popular films like Under Paris, Atlas and Hit Man and The Roast of Tom Brady, which attracted the largest live audience yet.

Meanwhile, in May, Netflix said it would launch its own ad platform and no longer partner with Microsoft for that technology. The company also has begun adding live sports, such as NFL games on Christmas Day over the next three years, a move that will likely attract more ad dollars for the streamer. Netflix had been dipping its toe into live content even before its deal with the NFL, with Sarandos noting the company’s focus on “buzzy, exclusive live entertainment. Further, the company is phasing out its lowest-priced ad-free subscription plan in the U.S., which could drive more viewers to its cheaper ad-supported plan.

NFLX in the second quarter of FY 24 has reported the adjusted earnings per share of $4.88, beating the analysts’ estimates for the adjusted earnings per share of $4.74, as  expected by LSEG. The company had reported the adjusted revenue growth of 17 percent to $9.56 billion in the second quarter of FY 24, beating the analysts’ estimates for revenue of $9.53 billion. Operating income for Q2 amounted to $2.6B, an increase of 42% vs. Q2’23. Operating margin of 27.2% improved five percentage points vs. 22.3% in the year ago quarter.

Netflix now expects full-year reported revenue growth to be in the range of 14% to 15%, compared with previous guidance of 13% to 15%.