Shares of Netflix (NASDAQ:NFLX) fell in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $2.88, which beat analysts’ consensus estimate of $2.86 per share. Sales increased by 3.7% year-over-year, with revenue hitting $8.16 billion. This missed analysts’ expectations of $8.18 billion.
Netflix launched paid membership-sharing programs in four different countries this quarter, and an upgrade at Moody’s brought Netflix up to investment-grade status.
For the second quarter of 2023, management forecasts revenue of $8.2 billion, which is up 3% against this time last year.
Overall, Wall Street has a consensus price target of $360.28 on Netflix, implying 7.81% upside potential, as indicated by the graphic above.
