Netflix ( NFLX ) reported first-quarter earnings that topped analysts’ expectations, sending shares higher in extended trading Thursday.

The streaming giant's revenue grew over 12% year-over-year to $10.54 billion, above the analyst consensus from Visible Alpha. Net income of $2.89 billion, or $6.61 per share, rose from $2.33 billion, or $5.28 per share, a year earlier, beating Wall Street’s projections. The period marked the first quarter Netflix did not report subscriber numbers.

Netflix shares rose about 3% in after-hours trading. They were up 9% for 2025 so far through Thursday’s close.

Netflix's Gains Come as Subscription Prices Rise

The better-than-expected results came in part due to higher subscription and ad revenues, the company said, along with the timing of expenses.

Netflix had raised prices for its plans in January , hiking its ad-supported plan to $7.99 from $6.99 per month, the standard ad-free plan to $17.99 from $15.49 a month, and its premium plan to $24.99 from $22.99 a month.

Netflix maintained its fiscal 2025 revenue projection of $43.5 billion to $44.5 billion. Analysts on average had expected $44.27 billion. The company's second-quarter revenue forecast of $11.04 billion exceeded Wall Street's estimate of $10.91 billion.

Co-CEO Greg Peters said Netflix expects to double its advertising revenue this year, as the company rolls out its ad tech suite. The suite is live in the U.S. and Canada, with 10 other markets expected in the months to come.

Earlier this week, Netflix executives reportedly said their goal is to double the company’s $39 billion in revenue last year by 2030 and reach a market capitalization of $1 trillion. The streamer’s market cap currently stands at about $416 billion.

Executives Tout Netflix's Resilience Amid Economic Uncertainty

“We also take some comfort in the fact that entertainment historically has been pretty resilient in tougher economic times," Peters said during the company's earnings call Thursday.

"Netflix, specifically, also has been generally quite resilient and we haven’t seen any major impacts during those tougher times, albeit of course over a much shorter history,” he added.

The comments come after Morgan Stanley called the company a “top pick” last week to withstand the current tariff landscape .

Netflix also announced Thursday that Reed Hastings, the company’s former CEO , has transitioned from his role as executive chair to chair of the board and a non-executive director position.

UPDATE—April 17, 2025: This article has been updated since it was first published to include additional information and reflect more recent share price values.

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