Netflix (NFLX) reported first quarter earnings that beat across the board on Thursday with another 9 million-plus subscribers added in the quarter. Shares climbed above 3% in after-hours trading.
Subscriber additions of 9.3 million beat expectations of 4.8 million and follows the 13 million net additions the streamer added in the fourth quarter. The company had added 1.7 million paying users in Q1 2023.
Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year, as the streamer leaned on revenue initiatives like its crackdown on password sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.
Netflix guided to second quarter revenue of $9.49 billion, a slight miss compared to consensus estimates of $9.51 billion.
Earnings per share (EPS) also beat estimates in the quarter with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.
Netflix’s stock has been on a tear in recent months with shares currently trading near the high end of its 52-week range.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at [email protected].
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