Netflix Q1 Revenue Up 16%, Shares Down 8% After Miss
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- Netflix reported Q1 revenue of $12.3 billion, a 16% year‑over‑year increase, beating the $12.2 billion consensus estimate.
- Netflix posted net income of $5.28 billion for Q1, while its Q2 earnings‑per‑share forecast fell short of analysts’ expectations.
- Netflix shares dropped more than 8% in after‑hours trading after the Q2 guidance miss, with some reports noting a 9% plunge.
- Reed Hastings announced he will step down from Netflix’s board, ending his 29‑year tenure as co‑founder and chairman.
- Netflix plans to roll out a redesigned mobile app featuring a TikTok‑style vertical video feed later this month.
Why it matters: The share price drop directly cuts shareholder value, while the leadership transition marks a major governance shift for the streaming giant; the upcoming mobile‑app redesign reflects Netflix’s effort to capture mobile‑first audiences and sustain growth amid competitive pressures.
