Netflix Inc. (NASDAQ: NFLX) is due to report earnings after the close of trading on Monday. With so many ponderings about whether Apple Inc. (NASDAQ: AAPL) should just acquire Netflix (and with Apple reporting this week), it is a shoo-in that many investors will be paying close attention to this report.

On top of earnings, Netflix had previously forecast that it would add 2.25 million domestic users in this first quarter, almost in-line with the 2.33 million subscriber additions in the fourth quarter of 2013 and higher than the 2.03 million added in the first quarter a year ago. International subscriber additions were forecast to be 1.6 million in the first quarter, up from 1.02 million a year ago. The total expectation is to end the first quarter with 48 million subscribers.

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On an interpolated basis, guidance was put around $1.06 billion in revenue (perhaps not including other sales) with earnings per share of close to $0.78. Thomson Reuters is calling for $0.83 in earnings per share and $1.27 billion in revenue.

One thing to consider is valuation as well. Even after a large slide in the stock price, Netflix shares trade at almost 85 times this year’s expected earnings. As of last week’s closing price, Netflix shares were down almost 25% from their peak, and the number of down days to up days in the stock price has been off the chart in the past six weeks or more.

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Shares closed at $345.74, and the consensus price target ahead of earnings was $386.07. Shares were trading up less than 1% right after the opening bell on Monday. Oppenheimer recently added Netflix to a list of stocks to buy on weakness, but it did not catch the bottom in the call.

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