Netflix Beats Earnings Expectations, Total Memberships Reach 269.6 Million
Netflix reported first-quarter revenue of $9.37 billion, up from $8.16 billion a year ago and beating estimates of $9.28 billion. Earnings per share were $5.28 versus the $4.52 expected. Total paid memberships rose 16% year-over-year to reach 269.6 million, above estimates of 264.2 million. Netflix will no longer report quarterly membership numbers or average revenue per user starting next year. The company stated that it now focuses on revenue and operating margin as its primary financial metrics and considers engagement as the primary indicator of customer satisfaction. Netflix is exploring live sports like a WWE partnership and video games expansion. Shares fell 4% in after-hours trading.
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00:00It's Benzinga and here's what's on the block.
00:02Netflix reported first quarter revenue of $9.37 billion up from $8.16 billion a year ago and
00:08beating estimates of $9.28 billion. Earnings per share were $5.28 versus the $4.52 expected.
00:16Total paid memberships rose 16% year-over-year to reach 269.6 million,
00:21above estimates of 264.2 million. Netflix will no longer report quarterly membership numbers
00:28or average revenue per user starting next year. The company stated that it now focuses on revenue
00:33and operating margin as its primary financial metrics and considers engagement as the primary
00:38indicator of customer satisfaction. Netflix is exploring live sports like a WWE partnership
00:44and video games expansion. Shares fell 4% in after-hours trading.
00:48For all things money, visit Benzinga.com.