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Netflix saw its net income and revenue increase in the first quarter of the year, while total membership climbed above 270 million, according to financial figures released on Tuesday.
Net income rose to almost $1.71 billion, up 140% from $709 million in the first quarter of last year. Revenue increased 24% to $7.16 billion from $5.77 billion during that period.
The number of paid memberships reached 207 million in January-March, which was up 13% from a year ago. Total subscriptions had surpassed the 200-million mark in the last quarter of 2020.
The world's largest movie and series streaming subscription service, however, managed only to add less than 4 million new members in the first three months of this year. This level is significantly down from almost 16 million net additions in first quarter of 2020, when the coronavirus pandemic hit the world and forced quarantines.
"The extraordinary events of Covid-19 led to unprecedented membership growth in 2020, as it pulled forward growth from 2021, and delayed production across every region," the statement said.
"In the short-term, there is some uncertainty from Covid-19; in the long-term, the rise of streaming to replace linear TV around the world is the clear trend in entertainment," it added.
Netflix shares closed Tuesday with a 0.9% decline on the Nasdaq, but its stock price was down 8.3% in limited pre-market trading before US market opening on Wednesday. -
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