Netflix Q1 subscriber adds tracked above estimates before Russia: JP Morgan
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Netflix (NASDAQ:NFLX) is set to report first-quarter earnings on April 19 and prior to the company pulling out of Russia, subscriber growth was tracking above estimates, investment firm J.P. Morgan said.
In a note to investors, analyst Doug Anmuth wrote that Netflix was likely to add 4 million subscribers in the first quarter, based on Apptopia global downloads, though that was before suspending its service in Russia on March 6. 
"Based on our discussions w/investors, we believe expectations for [first-quarter] Net Adds are 3.0M+ before Russia (compared to our 2.7M estimate), or ~1.0M- 2.0M+ post Russia," Anmuth wrote in a note to clients.
Netflix (NFLX) shares were lower by more than 1% in premarket trading on Thursday at $363.77. 
In addition, Anmuth noted that expectations for second-quarter subscriber gains are around 1 million, which would be below the year-ago period, when it added 1.54 million, but within the same guidance. 
However, the analyst noted that the second quarter tends to be a "seasonally weak" period for Netflix, as more people go out and travel, and other factors, such as price increases in the U.S. and Canada could play a role. Anmuth also pointed out that the content slate for the quarter is strong, as new seasons of Elite, Ozark,
Stranger Things and The Umbrella Academy will air.
Anmuth also pointed out that the second season of Bridgerton led all English series last week and users streamed more than 252 million hours of the show, breaking the record for most viewed English series in a week.
Other content highlights for the second quarter include Return to Space, Metal Lords, Anatomy of a Scandal, Adam Sandler's next movie, known as Hustle, and the final season of Peaky Blinders.
"Despite a muted [first-half of 2022], we are positive on [Netflix] shares overall & expect stronger sub trajectory in the back half & beyond w/greater distance from both pandemic pull-forward & this roundâs early price increases, & increased contribution from [Asia-Pacific] & [Europe, the Middle East and Africa]."
Last week, viewership of Netflix's (NFLX) Inventing Anna
was the top streaming show for the third straight week.