Shares of Netflix were flat in after-hours trading on Tuesday after the company reported mixed earnings results for its first quarter of 2023.
The streaming behemoth posted net income of $1.31 billion, or earnings per share of $2.88, on revenue of $8.162 billion. Analysts surveyed by Zacks Investment Research were expecting earnings per share of $2.53 on revenue of $8.2 billion. The stock briefly dropped by as much as 11% in the minutes after the release of the results as investors digested the news, but rapidly bounced back.
Netflix added 1.75 million subscribers during the quarter for a total of 232.5