Netflix (NFLX) Slammed Following Q1 Numbers; Sees FY12 Growth Inline with FY10

April 23, 2012 4:59 PM EDT
Netflix (Nasdaq: NFLX) is getting hit after-hours Monday following its first-quarter earnings release, issued after the market closed.

Revenue for the streaming media and DVD-by-mail subscription giant rose 21 percent to $870 million, versus views calling for revs of $868.1 million. Netflix swung to a loss of 8 cents per share in the quarter, from EPS of $1.11 last year and views calling for a loss of 27 cents per share.

Net domestic streamlining subs rose 1.74 million to a total of 23.4 million. Margins in the segment widened from 10.9 percent last quarter to 13.2 percent in the recent period.

International net new streaming adds were 1.21 million to 2.41 million total paid subs.

Domestic DVD sub losses slowed from 2.76 million last quarter to 1.08 million in its first-quarter, for a total base at 9.96 million paid subs.

Looking ahead, Netflix sees U.S. streaming margin expanding to about 15 percent in the second quarter. Domestic streaming users are expected between 23.6-24.2 million, suggesting slight gain of about 800K. In total, net adds for the next quarter are expected to be below 2010s numbers.

Netflix sees second-quarter loss of 10 cents to profit of 14 cents per share, compared with views calling for a loss of 17 cents per share.

The stock is down about 15 percent late Monday.

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