Shulou(Shulou.com)11/24 Report--

Beijing time on April 19 morning news, the United States video streaming service provider Netflix today announced the company's financial results for the first quarter of 2023. According to the report, Netflix's first-quarter revenue was $8.162 billion, up 3.7% from $7.868 billion a year earlier; net income was $1.305 billion, down 18% from $1.597 billion a year earlier; and diluted earnings per share were $2.88, compared with $3.53 a year earlier.

Netflix's first-quarter earnings per share beat Wall Street analysts' expectations, but revenue fell short of expectations. At the same time, Netflix's outlook for revenue and earnings per share in the second quarter of 2023 fell short of expectations, causing its shares to fall nearly 1 per cent in after-hours trading.

Key performance data: for the quarter ended March 31, 2023, Netflix's net profit was $1.305 billion, down 18% from $1.597 billion a year earlier; diluted earnings per share were $2.88, compared with $3.53 a year earlier, down from a year earlier, but still beat analysts' expectations. On average, 34 analysts had expected Netflix to earn $2.86 a share in the first quarter, according to Yahoo Finance.

Netflix's first-quarter revenue was $8.162 billion, up 3.7% from $7.868 billion a year earlier, falling short of analysts' expectations. On average, 31 analysts had expected Netflix's first-quarter revenue to reach $8.18 billion, according to Yahoo Finance.

By region, Netflix's revenue from streaming services in the United States and Canada was $3.35 billion in the first quarter, compared with $3.171 billion in the same period last year, while revenue from streaming services in Europe, the Middle East and Africa was $2.562 billion, compared with $2.344 billion in the same period last year. Revenue from Latin America was $999 million, compared with $837 million a year earlier, and revenue from the Asia-Pacific region was $917 million, compared with $762 million a year earlier.

Netflix's first-quarter operating profit was $1.714 billion, compared with $1.972 billion a year earlier, and its operating margin was 21.0%, compared with 25.1% a year earlier.

Costs and expenses: Netflix's first quarter revenue costs were $4.804 billion, compared to $4.285 billion in the same period last year; marketing expenses were $555 million, compared to $556 million in the same period last year; technology and development expenses were $687 million, compared to $658 million in the same period last year; and general and administrative expenses were $401m, compared to $398m in the same period last year.

User data: the total number of paying users of Netflix's global streaming service reached 232.5 million in the first quarter, up 4.9% from 221.64 million in the same period last year. Among them, the number of paying users of streaming services in the United States and Canada was 74.4 million, compared with 74.58 million in the same period last year; 77.37 million in Europe, the Middle East and Africa, compared with 73.73 million in the same period last year; and 41.25 million in Latin America, compared with 3961 in the same period last year. The number of paying users of streaming services in the Asia-Pacific region was 39.48 million, compared with 33.72 million in the same period last year.

In the first quarter of Netflix, the number of paying users of the new streaming service worldwide was 1.75 million, compared with-200000 in the same period last year. By region, the number of new paying users in the United States and Canada in the first quarter of Netflix was 100000, compared with-640000 in the same period last year; 640000 in Europe, the Middle East and Africa, compared with-300000 in the same period last year; and-450000 in Latin America, compared with-350000 in the same period last year. The number of new paying users in the Asia-Pacific region was 1.46 million, compared with 1.09 million in the same period last year.

Other financial information: Netflix's net cash from business operations was $2.179 billion in the first quarter, compared with $923 million from business operations in the same period last year. Netflix's free cash flow was $2.117 billion in the first quarter, compared with $802 million a year earlier.

Total cash, cash equivalents and restricted cash held by Netflix at the end of the first quarter of fiscal 2023 was approximately $6.738 billion, compared with $6.035 billion at the end of the first quarter of fiscal 2022.

Performance outlook: Netflix expects revenue of $8.242 billion in the second quarter of fiscal 2023, up 3.4% from $7.97 billion a year earlier, but the outlook falls short of analysts' expectations; operating profit will reach $1.565 billion, compared with $1.578 billion in the same period last year Operating profit margins will be 19.0 per cent, compared with 19.8 per cent a year earlier; net profit will be $1.283 billion, compared with $1.441 billion a year earlier; and diluted earnings per share will be $2.84. compared with $3.20 in the same period last year, the outlook also fell short of analysts' expectations.

According to data provided by Yahoo Finance, 29 analysts had expected Netflix's second-quarter revenue to reach $8.48 billion, while 31 analysts had expected Netflix's second-quarter earnings per share to reach $3.05.

Share price reaction: Netflix shares rose 98 cents, or 0.29 percent, to close at $333.70 in regular trading on the Nasdaq stock market. In after-hours trading up to 06:04 EDT on the 18th (06:04 Beijing time on the 19th), Netflix shares fell $2.70, or 0.81%, to $331.00. In the past 52 weeks, the highest price for Netflix is $379.43 and the lowest price is $162.71.

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