Netflix reported a 28% year-on-year rise in revenues for the first quarter to 5.77 billion U.S. dollars, as the number of paying subscribers rose 23% to almost 183 million. It forecast that revenue will grow 23% in the current quarter.
"Like other home entertainment services, we’re seeing temporarily higher viewing and increased membership growth," Netflix said. "In our case, this is offset by a sharply stronger US dollar, depressing our international revenue, resulting in revenue-as-forecast. We expect viewing to decline and membership growth to decelerate as home confinement ends, which we hope is soon."
Netflix said it has paused most of its productions across the world in response to government lockdowns and guidance from local public health officials. "No one knows how long it will be until we can safely restart physical production in various countries, and, once we can, what international travel will be possible, and how negotiations for various resources (e.g., talent, stages, and post-production) will play out," it added. Source: Netflix statement
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