Netflix stock up 1% premarket as record subscriber stat offsets forecast for now
Netflix Inc. attracted a record number of paying subscribers in the first quarter of 2019, a fact that would usually coincide with huge gains for its stock, but concerns about the rest of the year actually damaged shares Tuesday afternoon.
The company’s forecast for the second quarter was lighter than expected, though, both in profit and new subscribers. Netflix projected second-quarter earnings of 55 cents a share, which would be down from 85 cents a share a year ago and well lower than analysts’ estimates of 99 cents a share. Netflix shares initially sank more than 5%, but settled at a loss of 0.8% by the end of the extended session.
Netflix also provided select viewership metrics on select content, as it began doing in the previous quarter. Netflix said that more than 52 million subscribers watched “Triple Frontier,” a big-budget action movie starring Ben Affleck, in its first four weeks of availability, and that the series “Umbrella Academy” was watched by 45 million member households in its first four weeks.
“Operating margin of 10.2% exceeded our beginning-of-quarter expectation as some spending was shifted from Q1 to later in the year,” Netflix explained in the letter to investors, while maintaining a goal of a 13% operating margin for the full year.Netflix increased its estimate for how much money it will spend this year, saying that it now expects its free-cash flow deficit to be around $3.5 billion, as it continues to pay for new content.
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