For Q1, the company reported a gain of 3.98 million in net global streaming subscribers. That was below its previous guidance of 6 million. Meanwhile, Netflix predicted even lower gains for the current quarter: It expects to add just 1 million members in Q2, with roughly zero growth in the U.S./Canada and Latin America regions. As of the end of March, Netflix had 207.4 million paid streaming customers worldwide, up 13.6%.
On the subscriber miss and lighter-than-expected Q2 guidance, Netflix shares fell more than 10% in after-hours trading. The company announced that its board approved a $5 billion stock-buyback program, slated to begin in the current quarter.
Netflix blamed the subscriber shortfall on its smaller pipeline of originals, and expects to open up its wallet this