Netflix Inc. (NASDAQ: NFLX) reported first quarter 2022 earnings results today.
Total revenue grew 9.8% year-over-year to $7.8 billion.
Net income was $1.59 billion, or $3.53 per share, compared to $1.70 billion, or $3.75 per share, in the year-ago period.
While earnings beat estimates, revenues fell short of expectations.
Global streaming paid memberships increased 6.7% YoY to 221.64 million. However, the company lost 200,000 subscribers during the quarter.
For the second quarter of 2022, Netflix expects revenue to grow 9.7% YoY to $8 billion. Net income is expected to be $1.35 billion, or $3.00 per share.
The stock plummeted 25% during after-hours following the earnings report.