Netflix Q1 earnings top estimates on blowout subscriber growth

April 18, 2024 4:37 PM EDT -- Netflix reported Thursday better-than-expected first-quarter results after blowout subscriber growth in the first quarter.

Netflix Inc (NASDAQ: NFLX) fell 2% in afterhours trading following the report.

Netflix reported earnings of $5.28 a share on revenue of $9.37B, topping estimates of $4.51 on revenue of $9.27B.

The beat on the bottom line was driven by stronger than expected subscriber growth in the quarter.

Netflix added 9.33 million users, markedly beating analyst expectations of about 4.8 million net adds.

For the second quarter of 2022, the company forecast EPS of $4.68 on revenue of $9.49B, compared with Wall Street estimates of $4.55 on revenue of $9.5B.

Looking further ahead, the company forecast revenue growth of 13% to 15%, on operating margin of 25%, up from a prior forecast of 24%.

The company also said it would stop reporting quarterly membership numbers and average revenue per starting next year with its Q1 2025 earnings, as it believes revenue and operating margin are its key performance measures.

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