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00:02Netflix reported first quarter earnings of $1.23 per share and revenue of $12.25 billion,
00:11beating estimates of 76 cents per share and $12.18 billion, according to Benzinga.
00:17Revenue rose 16% year over year, driven by membership growth, pricing, and ad revenue.
00:23Cash from operations reached $5.3 billion, up from $2.8 billion, while free cash flow totaled $5.1 billion.
00:32The company ended the quarter with $12.3 billion in cash and $14.4 billion in gross debt.
00:39Netflix forecast second quarter revenue of $12.57 billion and earnings of 78 cents per share,
00:46both below estimates, with the outlook weighing on shares after hours.
00:50The company reaffirmed its full-year revenue outlook and said Reed Hastings will not stand for re-election.
00:56Shares were down by 10.54% at $96.35 in Friday's pre-market trading, according to data from Benzinga
01:04Pro.
01:05For all things money, visit Benzinga.com.
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