Netflix misses subscriber estimates, reveals password crackdown to hit U.S. in Q2

Netflix (NFLX) reported mixed first-quarter results on Tuesday, missing Wall Street subscriber estimates while beating analyst expectations on earnings per share.

The stock, which initially fell as much as 12% after the release, saw shares pare losses as investors digested the report — the first since co-CEO and co-founder Reed Hastings stepped down from his leading role at the company.

Here are Netflix’s first-quarter results compared to Wall Street’s consensus estimates, as compiled by Bloomberg:

Revenue: $8.16 billion versus $8.18 billion expected

Earnings per share (EPS): $2.88 versus $2.86 expected

Subscribers: 1.75 million versus 2.3 million net additions expected

Earnings and revenue projections disappointed after Netflix revealed it anticipates earning $2.84 per share on $8.24 billion in the second quarter, below Wall Street forecasts for earnings of $3.05 per share on $8.5 billion in revenue.

The results come as investors eagerly await updates regarding the company’s

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