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Netflix Q1 Earnings Highlights: Revenue Beat, EPS Beat, 9.33 Million Paid Subs Added, Ad-Tier Plan Update And More
Streaming giant Netflix Inc (NASDAQ:NFLX) reported first-quarter financial results after market close Thursday.
Here are the key highlights.
What Happened: Netflix reported first quarter revenue of $9.37 billion, which was up 14.8% year-over-year. The revenue beat a Street consensus estimate of $9.275 billion, according to data from Benzinga Pro.
The company reported earnings per share of $5.28 for the quarter, which beat a Street consensus estimate of $4.51.
Netflix added 9.33 million paid net new subscribers in the first quarter to bring the company to a total of 269.60 million. The subscriber growth was up 16.0% year-over-year.
Revenue, earnings per share and net additions all came in ahead of company guidance as well.
Average revenue per member was up 1% year-over-year in the first quarter.
Operating income for the company was $2.6 billion, up 54% year-over-year.
The company said it made progress on its ad-supported plan in ...