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Bernstein’s Carlos Kirjner mentioned Netflix, Inc. (NASDAQ: NFLX)'s mixed results for Q1, while issuing subscriber addition guidance for Q2 that was below expectations.
Kirjner maintained an Underperform rating on the company, with a $62 price target.
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Q1 Results
The analyst mentioned the company’s “consolidated revenues of $1,958 million came just shy of consensus at $1,970 million, while operating income of $45 million was a few million dollars below expectations of $55 million.”
However, both domestic and international net additions beat the consensus and the guidance.
Q2 Guidance
On the other hand, management guided to weaker-than-expected domestic and international streaming net additions for Q2, at 0.5 million domestic net adds and 2 million international net adds.
“After two quarters in a row of significant deceleration, domestic net adds were just shy of flat YoY in 1Q16. However, guidance indicated a material YoY decline in net adds going forward,” Kirjner stated.
The analyst added that it was difficult to justify Netflix's current valuation.
The stock traded recently at $96.84, down 10.7 percent on the day.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.