Netflix Beats Earnings Expectations, Total Memberships Reach 269.6 Million

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Netflix reported first-quarter revenue of $9.37 billion, up from $8.16 billion a year ago and beating estimates of $9.28 billion. Earnings per share were $5.28 versus the $4.52 expected. Total paid memberships rose 16% year-over-year to reach 269.6 million, above estimates of 264.2 million. Netflix will no longer report quarterly membership numbers or average revenue per user starting next year. The company stated that it now focuses on revenue and operating margin as its primary financial metrics and considers engagement as the primary indicator of customer satisfaction. Netflix is exploring live sports like a WWE partnership and video games expansion. Shares fell 4% in after-hours trading.