(CelebrityAccess) — Video-on-demand streaming service Netflix posted its latest quarterly earnings report on Tuesday, showing a sharp increase in subscribers amid the pandemic for Q1, but tempered expectations for the future with a downbeat shareholder letter.
According to Netflix, the streaming platform added 15.77 million new paid subscribers during the quarter, well ahead of their previous guidance that predicated 8 million new paid subscribers during the period.
Netflix posted revenue of $5.77 billion, just slightly ahead of the topline consensus of $5.76 billion, according to estimates compiled by Seeking Alpha.
For the quarter, Netflix reported earnings of $1.57 per share, short of analysts’ consensus of $1.61.
Netflix also expressed concern about future economic turmoil from the pandemic, noting that the uncertainty made it difficult to offer guidance for future earnings for 2020.
The streamer predicted that it would add 7.5 million paid subscribers in the second quarter, but conceded that the estimate was “mostly guesswork” as lockdowns ended and people begin to resume public life.
Netflix pinned revenue predictions for Q2 at $6.05 billion, while Wall Street analysts lodged estimates of $5.96 billion.
Another open-ended question for Netflix is when they will be able to resume production on their original content. The company revealed it is expecting a modest disruption of its release slate for Q2, mostly due to issues with language translation.
Netflix also revealed the streaming figures for their surprise documentary hit “Tiger King” with more than 64 million households streaming at least part of the series.
The 8 episode documentary series delves into the shady world of big cat culture in North America, focusing on the now-jailed Joe Exotic and his bitter feud with his rival
Susie Derkins Carole Baskin.