Analysts at Deutsche Bank provided their outlook on Netflix, Inc. (NASDAQ:NFLX) ahead of the company’s Q1 results, reiterating their global subscriber estimate, in line with the company's 2.5 million guidance. But the analysts think net adds may be around 3.5 million (not taking into account approximately 1 million base adjustments for Russia).

According to Deutsche Bank’s analysis of Sensor Tower data, mobile app downloads will be almost flat (-0.2%) year-over-year and down 6% quarter-over-quarter. The analysts emphasized that the decline in mobile downloads usually comes with a decline in net adds, but given the tumultuousness coming out of COVID and increasing competition, it is difficult to estimate their correlation with net adds in Q1.