Netflix delivered a mixed set of results for the first quarter, edging Wall Street analysts’ estimates for earnings per share but falling short in other key categories
delivered a mixed set of results for the first quarter, edging Wall Street analysts’ estimates for earnings per share but falling short in other key categories.
The consensus expectation of Wall Street analysts was for earnings per share of $2.86, revenue of $8.18 billion and a gain of 2.26 million net paid subscribers. Netflix reported EPS of $2.88, revenue of $8.16 billion and an increase of $1.75 million subscribers. Netflix’s numbers kick off what is likely to be a touch-and-go earnings season for media and tech companies, with many of them beginning the year still under a cloud due to advertising softness and economic headwinds. Over the next few days, Comcast, Spotify, Roku, Meta and Alphabet will report financials.The results reflect the first full quarter when Netflix’s cheaper, ad-supported tier has been available in about a dozen global territories.
One key metric in prior quarterly reports is no longer there: a projection for the number of subscribers in the next quarter. The company discontinued that forecast, which was often capable of moving the stock in after-hours trading, at the end of 2022.streaming trailblazer. It will be the first time co-founder and former CEO Reed Hastings will not participate in the video interview to face analyst questions along with other top execs. He segued to an executive chairman role several months ago, with Greg Peters getting promoted to Co-CEO to join Ted Sarandos in running the company.
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