Netflix's first-quarter earnings report Tuesday once again focused much attention and debate on the global streamer's subscriber momentum, which exceeded even the most bullish expectations amid the coronavirus pandemic.
But the company also surprised Wall Street by posting positive free cash flow for the latest quarter, the first time it has done so in years.
One key question for analysts has long been when Netflix can get to the point where it can self-fund its spending, including its annual content budget that has grown to more than $15 billion.
In that context, one figure that drew much attention was the streaming giant's forecast for a reduced free cash flow loss in 2020 of $1 billion "or better" amid shuttered productions of original.
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