Netflix is expanding its push into mobile gaming.
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Netflix reported earnings after the bell. Here are the results.
- EPS: $3.53 vs $2.89, according to a Refinitiv survey of analysts.
- Revenue: $7.78 billion vs $7.93 billion, according to a Refinitiv survey of analysts.
Wall Street is also watching another key number in the Netflix report.
- Global paid net subscriber additions: 2.73 million expected, according to StreetAccount estimates.
Netflix previously told shareholders it expected to add 2.5 million net subscribers during the first quarter. Analysts predict that number will be closer to 2.7 million. Either figure would mark a significant downturn from the 3.98 million added during the same period in 2021.
Investors’ hyper focus on new paying customers led Netflix shares to plummet 20% after the company’s last earnings report in January. In addition to weaker-than-forecasted fourth-quarter subscriber gains, company executives quietly admitted that competition from other streaming platforms was having a negative impact on its growth.
Netflix has increased its content spend, particularly on originals, amid intense competition in the streaming space. To pay for it, it’s hiked prices of its service. While the company is exploring other options for growth, like adding video games, analysts and investors are wondering what else Netflix can do to bolster revenue.
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