Netflix Inc. (NASDAQ: NFLX) reported its most recent quarterly results after the closing bell Tuesday. The firm said that it had $3.75 in earnings per share (EPS) and $7.16 billion in revenue, compared with consensus estimates that called for $2.97 in EPS and $7.13 billion in revenue. In the first quarter of last year, Netflix reported $1.57 in EPS and $5.77 billion in revenue.

In the first quarter, revenue grew 24.2% year over year, while quarterly operating income came in at $1.96 billion. Average streaming paid memberships in this quarter rose 14% while streaming average revenue per user increased 6%.

During the quarter, global net subscription additions totaled 3.98 million. Note that Netflix now has a total of 207.64 million total memberships worldwide.

Looking ahead to the second quarter, the company is calling for $3.16 in EPS on $7.30 billion in revenue. At the same time, the company is expecting to see net subscriber adds of 1.00 million. There are consensus estimates calling for $2.68 in EPS on $7.39 billion in revenue.

On the books, Netflix finished the quarter with cash and cash equivalents of $10.11 billion, compared with $9.76 billion at the end of the 2021 full year.

Shares of Netflix closed at $549.57 on Tuesday, in a 52-week range of $393.60 to $593.29. The stock has a consensus price target of $622.74. Following the announcement, the stock was initially down 10% at $495.36 in the after-hours trading session.

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