10 High Growth NASDAQ Stocks That Are Profitable in 2024

6. Netflix, Inc. (NASDAQ:NFLX)

5-Year Net Income Growth: 43.86%

5-Year Revenue Growth: 15.54%

TTM Net Income: $7.09 Billion

Number of Hedge Fund Holders: 103

Netflix, Inc. (NASDAQ:NFLX) is an entertainment streaming company that provides TV shows, documentaries, movies, and games through its platform.

The company has been one of the best growth stocks during the past 5 years with the topline growing by 16% and the bottom line growing by 44%. It remains on the growth trajectory with plans to integrate AI and Ads into its platform. It plans to inject more than $17 billion into content to improve its global audience and drive sustainable revenue and profit growth.

Netflix, Inc. (NASDAQ:NFLX) is also on track to achieve critical goals in 2025 to initiate ad revenue from its platform. It reported 17% revenue growth and 5% growth in margins during the second quarter of 2024 indicating that it is already doing well even before the ads revenue.

Analysts are expecting the revenue and profit margins of the company to jack up considerably based on its AI integration and Ads incorporation. Thereby making it one of the high-growth NASDAQ stocks that are profitable in 2024.

Polen Focus Growth Strategy stated the following regarding Netflix, Inc. (NASDAQ:NFLX) in its Q2 2024 investor letter:

“Finally, we trimmed Netflix, Inc. (NASDAQ:NFLX) mostly due to valuation but also as a source of funds to add to the new position in Shopify. As a reminder, we added to our position in August 2022 amid broad concerns about the company’s ability to grow and monetize shared passwords. We expected Netflix to show progress in monetizing shared passwords, leading to robust free cash flow generation. This is now playing out and is appreciated by the market. Hence, given the balance of growth and valuation, we felt it was appropriate to reduce our exposure to a more normal weight.”