Reuters/Stephen CherninNetflix announced its first quarter earnings this afternoon.
Revenue is inline with analyst's expectations but EPS killed and the stock is up about 20% after-hours.
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The big numbers are:
- Revenue: $1.02 billion verses $1.02 billion
- EPS: $0.31 versus $0.20
- Earnings guidance: sees Q2 EPS $0.23-$0.48 versus expectations of $0.30 EPS
Netflix added three million subscribers in the first quarter bringing the total to 36 million.
They say two million of the new subscribers were added to the streaming business in the U.S. alone attributed in part to positive reception of the first original series House of Cards. International membership grew by one million.
In all markets Netflix saw growth and improved profits or reduced losses.
In regards to exclusive content and deals with other content providers, Netflix says that, "a s we continue to focus on exclusive and curated content, our willingness to pay for non-exclusive, bulk content deals declines." Here's the full investor letter:
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