Shares of the streaming video pioneer fell after it reported a large batch of new customers in the first quarter but gave a revenue forecast that missed analyst targets.

The stock was trading at $585.41 after-hours, down 4.2% from its closing price.

Netflix said its ad-supported streaming plans helped attract 9.3 million new customers, nearly double the consensus forecast of analysts polled by the London Stock Exchange Group.

That brought its global total to 269.6 million at the end of March.

Netflix executives have urged investors to focus on revenue and operating margins when assessing the company's progress, rather than customer additions.

Netflix said it will stop disclosing subscriber additions each quarter starting with the first quarter of 2025 and instead will announce them only when major milestones are reached.

--Reuters--