Netflix: Q1 earnings up 140%

(CercleFinance.com) - Netflix last night released its financial results for its first quarter.
The web giant reported revenues of 7.1 billion euros for the first three months of the year, up nearly 24% from the same period last year.

At 1.96 billion dollars, operating profit followed a similar trajectory, up 27.4% y-o-y.

Net income soared 140% from 709 million dollars in Q1 2020 to 1.7 billion dollars this year. Meanwhile, EPS came in at 3.75 dollars, above the consensus, and well above the 1.57 dollar generated a year ago.

The video platform boasts that it reached 208 million subscribers at the end of the first quarter, up 14% year-on-year, although still short of its target of 210 million subscribers.

For Q2, Netflix is targeting revenue of 7.3 billion dollars and net income of 1.4 billion dollars, i.e. EPS of 3.16 dollars.

While the platform points to some uncertainty regarding Covid-19 in the near term, the site believes that over the long term, streaming could replace linear television, a trend that is already clear in entertainment.


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