Netflix (NFLX) Misses Q1 EPS by 31c, Adds 4.9M New Members
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(Updated - April 15, 2015 4:11 PM EDT)
Netflix (NASDAQ: NFLX) reported Q1 EPS of $0.38, $0.31 worse than the analyst estimate of $0.69. Revenue was $1.57 billion vs the consensus of $1.57 billion. However, while earnings were weaker than expected subscriber metrics were much stronger than the company and the Street had expected.
"We added a record 4.9 million new members globally in Q1, against our forecast of 4.1 million and prior year of 4.0 million, bringing our total global streaming membership to 62.3 million. In the US, we gained 2.3 million new members, well above our expectation of 1.8 million due to both acquiring and retaining more members than forecast. Internationally, we added 2.6 million members versus a forecast of 2.25 million due to stronger growth than expected across a number of markets. As a reminder, the quarterly guidance we provide is our actual internal forecast at the time we report."
"We achieved several major milestones in Q1: surpassing 40 million members in the US; 20 million internationally; and 60 million in total. Our original series, documentaries and comedy specials are being enthusiastically received, and member engagement is at an all-time high. Members streamed 10 billion hours in Q1, more evidence that consumers around the world are embracing the Internet TV revolution."
Company sees Q2 EPS of $0.26, versus the consensus of $0.90.
Also, as highlighted in the preliminary proxy, the company is seeking shareholder approval for an increase in the authorized shares. If approved, they expect to recommend to the Board a stock split to make the stock more accessible.
For earnings history and earnings-related data on Netflix (NFLX) click here.
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