Netflix Stock Takes Another Dive As Streaming Giant Posts Q1 Subscriber Reversal
deadline.comNetflix shares slid 20% in after-hours trading after the company actually lost ground in its subscriber base, falling to 221.64 million, down 200,000 from the tally at the end of the fourth quarter.The subscriber number fell well short of company targets of another 2.5 million added, which would have brought the company to 224.34 million.
Wall Street analysts expected the same level of growth.The Street also had expected more in term of revenue, with a consensus among analysts for $7.93 billion.
Netflix reported $7.868 billion, with earnings per share of $3.53. The EPS figure easily exceeded analysts’ forecast of $2.90.In its most recent earnings report in January, Netflix warned that results in the first quarter could be a bit soft.
The company blamed a “back-end weighted content slate,” with titles like Bridgerton‘s second season and The Adam Project both launching in March, giving them less time to boost the quarterly numbers.
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