Positive outlook for Netflix’s Q1 earnings

Yesterday, after market close, Netflix released the earnings report for the first quarter of 2020.

Since the worldwide lockdown, all eyes were on Netflix, both literally and figuratively, because other forms of entertainment closed indefinitely. For the first part of this year, the streaming giant had an increase in the number of paid subscribers.

The numbers looked good, as they exceeded the forecasted 7 million subscribers by more than double, up to 15.77 million. It is the company’s strongest quarter subscriber-growth-wise.

The revenue shot up as well, with $5.8 billion for the first quarter.

The EPS (Earnings Per Share) was below the $1.64 expected, down to $1.57 per share.

Since the beginning of the year, Netflix stocks went up approximately 35%, because people are prone to watch TV as they must stay indoors.

Yesterday, shares went up 9% in after-market and closed at $433.83. Monday closed at a record-high of $437.49, after just one week ago it set a record for itself of $426.75.

Data provided by Business Insider shows that March was the month with the most usage since the world underwent lockdown.

Estimates for the second quarter are promising. Netflix believes it will add 7.5 million subscribers, but nothing is set in stone, as the lockdown measures will ease, and people will leave their houses.

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Sources: nasdaq.com, businessinsider.com, marketwatch.com

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