Netflix blows past earnings estimates as subscribers jump 16%

LOS ANGELES — Netflix reported earnings that beat on the top and bottom line after the bell Thursday.

Here are the results:

• Earnings per share: $5.28 per share vs. $4.52 per share expected by LSEG
• Revenue: $9.37 billion vs. $9.28 billion expected by LSEG
• Total memberships: 269.6 million vs. 264.21 million expected, according to Street Account

Netflix reported first-quarter net income of $2.33 billion, or $5.28 per share, versus $1.30 billion, or $2.88 per share, in the prior-year period.

The company posted revenue of $9.37 billion for the quarter, up from $8.16 billion in the year-ago quarter.

The streaming company is navigating its transformation from targeting subscriber growth to focusing on profit, as it uses price hikes, a crackdown on password sharing and an ad-supported tier to boost revenue. Investors are looking for signs that these efforts are still boosting Netflix and seeking more details about the company's foray into video games.

Netflix could also provide more insight into its partnership with TKO Group Holdings to bring WWE to the platform. The company has teased that it would like to expand its live sports offerings.

As of Thursday morning, the company's stock was up 27% year to date and around 85% over the last 12 months.

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