Netflix shares are sliding after hours following a top-line miss, sub-addition miss, and forward guidance cut.
First things first, revenues missed expectations but EPS beat…
*NETFLIX 1Q REV. $8.16B, EST. $8.18B
*NETFLIX 1Q EPS $2.88, EST. $2.86
Sub-additions rose less than expected…
*NETFLIX 1Q STREAMING PAID NET CHANGE +1.75M, EST. +2.41M
*NETFLIX 1Q STREAMING PAID MEMBERSHIPS 232.5M, EST. 233.0M
And to add to the pain, they cut guidance for Q2…
*NETFLIX SEES 2Q REV. $8.24B, EST. $8.47B
*NETFLIX SEES 2Q EPS $2.84, EST. $3.08
*NETFLIX SEES 2Q PAID NET ADDS `ROUGHLY SIMILAR’ TO 1Q
This has sent the stock plummeting 12% lower after hours…
This is the second year in a row where Netflix has gotten off to a shaky start.
Finally, right before earnings, Netflix announced that after a 25 year run, they’ve decided to wind down DVD.com later this year.
Those iconic red envelopes changed the way people watched shows and movies at home – and they paved the way for the shift to streaming.
Tyler Durden
Tue, 04/18/2023 – 16:09
