Netflix (NASDAQ: NFLX) shares rose after hours Thursday and are up more than 7% premarket Friday after it reported earnings after the close of yesterday’s session.
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The streaming giant missed earnings expectations while its revenue was in line with consensus estimates. Earnings per share were $0.12, $0.47 below the consensus expectation of $0.59, while revenue came in at $7.85.
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Despite the earnings miss, its global streaming paid net additions topped expectations coming in at 7.66 million, boosting Netflix shares.
Furthermore, Netflix sees first-quarter revenue at $8.172 billion and earnings of $2.82 per share.
Following the release, Truist analyst Matthew Thornton maintained a Hold rating and $339 price target on Netflix, telling investors that his initial take on Netflix’s results is “positive” with the company’s member adds, margins, and free cash flows ahead of estimates, although average revenue per user was “slightly below” the firm’s expectations.
The analyst added that Netflix is “pleased with early results” of its Advertising-Based Video on Demand members and sees its engagement as “comparable” to the ad-free basic tier.
Netflix also announced that Reed Hastings has become Executive Chairman, and Greg Peters has stepped up from COO to become Ted Sarandos’ co-CEO and a member of the Netflix board.
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