Netflix Inc. has announced considerable growth in its profits for the first quarter, outperforming market predictions.
The company reported a net income of $2.33 billion, which translates to earnings of $5.28 per share. For comparison, in the first quarter of the previous year, Netflix had reported a net income of $1.31 billion, or $2.88 per share.
Netflix's first-quarter results exceeded predictions made by industry analysts, who previously anticipated earnings of $4.26 per share, based on data gathered by Thomson Reuters. These predictions usually don't account for extraordinary items.
There was also a significant increase in the company's revenue. Over the course of the quarter, the revenue surged by 14.8% from last year's $8.16 billion to $9.37 billion.
To summarise the first-quarter earnings report of Netflix Inc. according to Generally Accepted Accounting Principles (GAAP): the net income was $2.33 billion compared to $1.31 billion last year, earnings per share (EPS) amounted to $5.28 compared to $2.88 last year, and revenue stood at $9.37 billion versus $8.16 billion last year.
