Netflix Shares Plummet After Q1 Subscriber Miss, But Buybacks Coming [Forbes]
Netflix, Inc. (NFLX)
Last netflix, inc. earnings: 4/21 04:00 pm
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Source: Forbes
(The Witcher image courtesy of Netflix)Netflix shares fell sharply in after-hours trading as the company reported a notable miss on subscriber additions in its first quarter. But the company also said it is on track for consistent positive free cash flow, reduced borrowing, and $5 billion in share buybacks.The company added just 3.98 million subscribers in the quarter, a year after the pandemic sent subscriptions soaring by nearly 16 million in Q1. The company now has 208 million paying subscribers, the most of any subscription streaming service, but 2 million fewer than previous company guidance of 210 million.During a late-afternoon earnings call, Netflix executives attributed the “big miss” (along with previous recent ones the other direction) to the pandemic’s many uncertainties. They’ve regularly characterized the impacts as having a “carry-forward” effect, front-loading signups a year ago, but depressing them since.“We believe paid membership growth slowed due to the big Covid-1
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