Netflix secures $1.31bln net profit in Q1 of 2023

Netflix has posted a net profit of $1.31 billion, about $2.88 per share, while forecasts indicated revenue of $2.86 per share, according to a shareholder letter the company released on Tuesday.

Operating income totalled $1.7 billion comparing to $2.0 billion in Q1‘22 – above the guidance forecast of $1.6 billion due to ongoing expense management and timing of hiring and content spend.

The company’s revenue was $8.16 billion in the first quarter, against a forecast of $8.18 billion, and the company reached $7.87 billion in revenue in the first quarter of 2022, the report added.

The U.S. company added that sharing users’ passwords with others had contributed to reducing their ability to invest in new content, and Netflix had developed guidance for sharing passwords in February in New Zealand, Canada, Portugal and Spain.