Netflix (NASDAQ: NFLX) announced Q1–2020 earnings after the bell on Tuesday. The streaming company reported record subscriptions; the jump in subscribers is largely attributed to the stay-at-home orders associated with the COVID-19 pandemic.
The company reported $1.57 EPS for the quarter, a bit lower than of $1.64 anticipated. The company had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.75 billion. But the subscriber number was a blowout, added more than 2.3 million new members in the U.S. during the January to March quarter — more than three times the 759,000 new additions analysts had expected. Internationally, Netflix added about 13.5 million new subscribers, about 75% more than the 7.75 million analysts expected. It was the largest single-quarter growth spurt in the company’s history.
“Our small contribution to these difficult times is to make home confinement a little more bearable,” Netflix CEO- Reed Hastings.
Netflix (NFLX) stock closed 0.84% down at $433.83. After hours, it slightly rebounded to trade at $434.60. The tech giant stock hit a record high last week.