Netflix Inc beat Wall Street earnings estimates for the first quarter but offered a lighter-than-expected forecast on Tuesday, demonstrating the challenges the mature streaming service faces in its pursuit of growth.
Smartphone with Netflix logo is seen in front of a stock graph in this illustration taken April 19, 2022. REUTERS/Dado Ruvic/Illustrationbeat Wall Street earnings estimates for the first quarter but offered a lighter-than-expected forecast on Tuesday, demonstrating the challenges the mature streaming service faces in its pursuit of growth.
Revenue and earnings for the first quarter came in roughly in line with the average analyst estimates from Refinitiv. Earnings per share hit $2.88 with revenue of $8.162 billion. Netflix serves as a bellwether for the streaming industry, in which growth has slowed as competition has intensified. The clampdown on password sharing will begin in the United States during the current quarter, Netflix said.
A year ago, Netflix lost 200,000 subscribers - its first subscriber decline in more than a decade, sending its stock reeling and resetting Wall Street's expectations for the sector.
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