Netflix experienced significant growth at the beginning of the year, adding 9.3 million subscribers, and ending March with nearly 270 million subscribers worldwide, Associated Press reports.
However, the company surprised investors by announcing it will no longer provide quarterly updates on subscriber totals, making it harder to track future growth, a move that caused its stock to dip more than 5%. The decision to stop quarterly updates reflects a focus on long-term growth, according to Netflix co-CEO Greg Peters. Despite the change, the company remains strong in the streaming market, adding 30 million subscribers last year. The company still plans to give annual subscriber updates.
Netflix is shifting its strategy to emphasize profit and revenue growth, following its recent crackdown on password sharing and expansion into advertising. The company reportedly earned $2.33 billion, a 79% increase in earnings, and revenue rose by 15% to $9.37 billion.
