NFLX - Netflix Once Again Evolved And Eclipsed Its Streaming War Rivals | Benzinga
With its first quarter results, Netflix Inc (NASDAQ: NFLX) blew past estimates on all fronts. While waiting for its streaming rivals to catch up, like the legacy entertainment giant, Walt Disney Company (NYSE: DIS), Netflix eclipsed them.
An impressive fiscal first quarter.
For the quarter ended on March 31st, Netflix posted revenue of $9.37 billion, surpassing LSEG’s estimate of $9.28 billion as revenue rose almost 16% YoY. Net income significantly jumped from last year’s comparable quarter when it amounted to $1.30 billion, or $2.88 per share to $2.33 billion, or $5.28 per share.
Subscribers jumped 16% YoY as Netflix added 9.3 million subscribers during the first three months of the fiscal year, fueled by global password-sharing crackdown and the introduction of the ad tier option that is less expensive compared to the standard one. Netflix now has 269.6 million subscribers, surpassing Street Account’s 264.2 millionestimate.
Revenue guidance was slightly below Wall Street’s estimates.
Despite an impressively stellar report, Netflix shares ...