19 Apr Netflix Earnings Show Wall Street’s Diverging Views On Streaming Growth Potential [The Hollywood Reporter]
BY GEORG SZALAI
April 19, 2023 | Netflix and other big streaming services like to tout that they have something for everyone in their programming offering. Well, the same can be said about the global streamer’s first-quarter results and management’s outlook late on April 18 following much Wall Street talk about the company’s password-sharing crackdown and launch of an advertising tier.
Reporting earnings and other figures for the first time since Reed Hastings moved from the co-CEO to the executive chairman role, Netflix started the year by adding 1.75 million subscribers during the January-March quarter, bringing its global subscriber count to 232.5 million. It was also the first quarter since the streamer stopped providing guidance for subscriber numbers, instead focusing on revenue. And management said that it would be forging ahead with its account-sharing crackdown, which rolled out in Canada, New Zealand, Portugal and Spain in February, with the U.S. having its turn beginning in the second quarter.
Minutes into Wednesday’s trading session, Netflix shares were down 3.7 percent at $321.32.