In its first quarter earnings report released on Thursday, Netflix announced that its revenue hit $10.5 billion following a recent price increase. This marks a 13 percent rise compared to the same period last year.
The streaming giant also reported that its net income climbed to $2.9 billion. The company anticipates further growth in the upcoming months, attributing this to the “full quarter benefit from recent price changes and ongoing growth in membership and advertising revenue.”
During Thursday’s earnings call, Netflix co-CEO Greg Peters shared that the company aims to “roughly double” its advertising revenue by 2025. Earlier this month, Netflix introduced its own advertising technology platform.
Update, April 17th: The article has been updated with information from Netflix’s earnings call.
