Netflix signed up more new paying subscribers than expected during the first quarter, attracting 9.6 million new accounts during the period — the highest add in the company’s history.
The Los Gatos, Calif.-based company reported robust earnings of 76 cents per share, easily beating guidance of 56 cents per share, with revenue coming in at $4.52 billion, outpacing guidance of $4.49 billion. The results marked significant growth from the year-ago quarter, which saw earnings of 64 cents per share on revenue of $3.70 billion.
Markets tend to watch Netflix’s new subscriptions as the most reliable indicator of future profitability. For the quarter, the digital entertainment streaming giant brought in a record 9.6 million new paying subscribers, up nearly 16% from 8.3 million in the year-ago period.Despite the strong results, Netflix shareholders were spooked by less than stellar guidance for the second quarter.
The company also forecast earnings of 55 cents per share for the quarter, down from 85 cents in the year-ago period.
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