By Sabela Ojea

Netflix Inc. shares dropped in after-hours trading after the streaming giant delivered an outlook for the second quarter that fell short of analysts expectations.

Shares fell 3.6% to $321.64.

The company guided for second-quarter net income of $1.28 billion, down from $1.44 billion a year earlier. Analysts polled by FactSet had forecast net income of $1.38 billion.

Netflix also forecasts revenue of $8.16 billion, missing analysts expectations of $8.47 billion.

The company's outlook comes as it reports a decline in net profit for its first quarter.

Netflix said its first-quarter net profit fell to $1.31 billion from $1.60 billion. Analysts surveyed by FactSet had forecast a net profit of $1.29 billion.

The company's revenue rose 3.7% to $8.17 billion after gaining 1.75 million subscribers. Analysts polled by FactSet had expected revenue of $8.18 billion.

Netflix's operating margin fell to 21% from 25.1% in the first quarter of 2022, though it came in higher than the 20% the company projected.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 18, 2023 16:40 ET (20:40 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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