Company news: Netflix’s (NFLX) quarterly results beat analysts’ estimates

Netflix (NFLX) reported Q1 FY2024 earnings of $5.28 per share (versus $2.88 per share in Q1 FY2023), beating analysts’ consensus estimate of $4.51 per share.

The company’s quarterly revenues amounted to $9.370 bln (+14.8% y/y), beating analysts’ consensus estimate of $9.275 bln.

The company also issues mixed guidance for Q2 FY2024, seeing EPS of $4.68 versus analysts’ consensus estimate of $4.54 and revenues of $9.491 bln versus analysts’ consensus estimate of $9.53 bln. Netflix also said it expects paid net adds to be lower in Q2 versus Q1 (+9.33 mln) due to typical seasonality.

For FY2024, the company predicted FY2024 revenue growth of +13-15% y/y, which could be computed as $38.11-38.78 bln versus analysts’ consensus estimate of $38.68 bln.

NFLX fell to $570.51 (-6.56%) in pre-market trading.