Streaming giant Netflix’s crackdown on password sharing appears to be working for the company, which gained more than 9 million subscribers in the first quarter of this year and saw its profits soar, according to its latest earnings report published on Thursday.

The Los Gatos, California-headquartered platform said it attracted approximately 9.33 million subscribers in the three months of 2024, far surpassing Wall Street’s expectations of 4.8 million net adds.

Overall, the platform now has a total of 269.60 million paying subscribers globally, it said.

Elsewhere, the company said its profits in the first quarter jumped to more than $2.3 billion, while revenue for the first quarter rose by nearly 15 percent year over year, to $9.37 million, beating Bloomberg consensus estimates of $9.27 billion.

Earnings per share (EPS) also beat estimates in the first quarter of the year, with the company reporting EPS of $5.28 compared to $2.88 last year and well above analysts’ expectations of $4.52.

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