Do you watch subscribe Netflix? If yes, you are pushing up Netflix subscribers this quarter haha! [Smart] [Smart] [Smart]
Netflix reported first quarter earnings that beat across the board last night, with another 9 mil subscribers added in the quarter. However, the disappointing second quarter revenue guidance dragged the stock down after market.
Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion. Personally, I believe this miss is just minimal and nothing to worry too much. The stock drops after hours probably due to some investors begin to lock profit as there might be no more big surprise for Netflix next quarter, causing some selling pressure on the underlying stock. Anyway, I am still positive for $Netflix(NFLX)$
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Netflix Earnings Analysis
Earnings Data:
Netflix reported earnings for the first quarter of 2024 (2024Q1).
The reported earnings per share (EPS) for 2024Q1 was $5.28.
Key Points of Earnings Report:
For the quarter ended March 2024, Netflix reported revenue of $9.37 billion, which is a 14.8% increase compared to the same period last year.
The reported revenue beat the Zacks Consensus Estimate of $9.26 billion, representing a surprise of +1.18%.
The EPS of $5.28 also exceeded the consensus EPS estimate of $4.51, with a surprise of +17.07%.
Relevant Opinion:
Netflix exceeded Wall Street expectations for new subscribers for the second consecutive quarter.
However, the company provided second-quarter revenue guidance of $9.49 billion, slightly below consensus estimates of $9.51 billion.
Some investors may have started to lock in profits, leading to selling pressure on the stock after hours.
Despite the minimal revenue miss, the growth in subscribers remains on a healthy uptrend.
The stock's pullback of less than 15% is considered insignificant given its significant rally this year.
Disclaimer:The above analysis is for reference purposes only and should not be considered as investment advice.
Sources:
Netflix Handily Beats Subscriber Targets but Misses on Revenue Forecast
Poletti: Why Netflix's big planned change to its earnings reports is a bad sign
Netflix handily beats subscriber targets, misses on revenue forecast
Communications Services Up Ahead of Netflix Earnings -- Communications Services Roundup
Here's What Key Metrics Tell Us About Netflix (NFLX) Q1 Earnings