Netflix Q1: Large Paid Net Adds Beat, Yet Important Key Metrics Dropped Starting in 2025

Netflix logged its largest EPS beat since Q3 2022 with phenomenal 83% YoY EPS growth, as it reported an acceleration in both revenue and global membership growth in Q1. This was driven by strong paid net adds of 9.33 million in the quarter, far above consensus estimates for 4.11 million net adds. However, Netflix guided Q2 revenue slightly below consensus, though it still points to revenue acceleration continuing for at least one more quarter. In addition, the fiscal year revenue growth guide was a bit soft and hinted at a back half deceleration.

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