Netflix, Inc. (NASDAQ: NFLX) Tuesday said its first-quarter 2021 earnings more than doubled. Both revenues and profit topped the Street view, but the streaming giant’s subscriber growth decelerated.
At the end of the first quarter, the company had a total of 207.6 million streaming paid memberships, which is up 14% from last year. Revenues climbed 24% annually to $7.16 billion and exceeded Wall Street’s projection.
Consequently, net income surged to $1.71 billion or $3.75 per share from $709.1 million or $1.57 per share in the first quarter of 2020. Market watchers had forecast a slower growth.
Read management/analysts’ comments on Netflix’s Q1 report
Shares of the company declined Tuesday evening soon after the announcement, after closing the regular session lower.