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<\/p>\nNetflix reported their Q1 earnings after the closing bell on Tuesday.<\/p>\n
The online streaming service reported total revenue of $7.16 billion in Q1 beating analyst forecast of $5.77 billion. Earnings per share were reported at $3.75 vs. $2.98 estimate.<\/p>\n
With both revenue and earnings per share higher than analysts’ expectations, the new paid subscriber additions came in way below analysts’ forecast of 6.29 million \u2013 at 3.98 million. The latest dip in new additions could be the beginning of a further slowdown in new subscribers as lockdown eases around the world and people return to normality.<\/p>\n
”Revenue grew 24% year over year and was in line with our beginning of quarter forecast while operating profit and margin reached all-time highs. We finished Q1\u201921 with 208m paid memberships, up 14% year over year, but below our guidance forecast of 210m paid memberships. We believe paid membership growth slowed due to the big Covid-19 pull forward in 2020 and a lighter content slate in the first half of this year, due to Covid-19 production delays. We continue to anticipate a strong second half with the return of new seasons of some of our biggest hits and an exciting film lineup. In the short-term, there is some uncertainty from Covid-19; in the long-term, the rise of streaming to replace linear TV around the world is the clear trend in entertainment,” Netflix said in a letter to investors following the announcement.<\/p>\n
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Shares of Netflix was down by around 9% in post-market on Tuesday following the latest numbers, down at $495 per share after ending the trading day a $549.57 per share.<\/p>\n
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