Netflix reported its first-quarter 2023 earnings Tuesday.
The streamer added 1.75 million net new subscribers in Q1, compared with gaining a whopping 7.66 million for the final quarter of 2022, the period during which its low-cost, ad-supported tier launched. This bring’s the streamer’s total global subscriber count to
Netflix ended its pattern of providing subscriber guidance for the next quarter with its Q4 earnings in January, citing a shift in focus away from subs growth and toward revenue. As such, no self-set goals were revealed by the streamer for Wall Street to compare these Q1 results to. However, the addition of 1.75 million new customers does represent 4.9% year-over-year growth.
Wall Street forecast earnings per share (EPS) of $2.86 on $8.2 billion in revenue, according to analyst consensus data provided by Refinitiv. Netflix actually reported diluted EPS of $2.88 on $8.16 billion in revenue.
“In Q1, we had several big returning series and films – demonstrating our growing ability to develop
stories across genres – including Outer Banks S3, You S4, Ginny & Georgia S2, Soy Georgina S2, The
Glory’s new installment and a big sequel to our hit film Murder Mystery,” Netflix said in a letter to shareholders accompanying the Q1 financials. “Building anticipation and buzz before and after titles premiere is a key goal for our Marketing team as it helps drive acquisition and retention. For example, excitement for Murder Mystery 2 drove the original film back into the top 10. For Outer Banks S3, we held our first ever live music event – Poguelandia – to drive fandom, with the title generating 2.2B social impressions to date, just ahead of You S4 with 2.1B. Our unique ability to connect creators with huge audiences of passionate fans through our near global reach, personalization, innovative marketing and publicity are key reasons storytellers want to tell their stories on Netflix.
Netflix stock closed Tuesday at $333.70 per share. The regular U.S. stock markets will reopen at 9:30 a.m. ET.
The streamer will release a pre-recorded interview with Netflix executives discussing the quarter in greater detail at 6 p.m. ET.
More to come…
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