Netflix (NASDAQ:NFLX) announced better-than-expected results for the first quarter, with significant subscriber growth driving its success. The company's shares, however, fell 8% intra-day today following the announcement.

The streaming giant reported earnings of $5.28 per share on $9.37 billion in revenue, surpassing the anticipated earnings of $4.51 per share on $9.27 billion in revenue. This performance was largely fueled by an impressive gain of 9.33 million new subscribers, far exceeding the expected 4.8 million.

For the upcoming second quarter of 2022, Netflix has projected earnings per share of $4.68 and revenue of $9.49 billion. These figures are slightly above the expected earnings of $4.55 per share but just below the forecasted revenue of $9.5 billion.

Looking ahead, Netflix has revised its revenue growth forecast to 13%-15% and increased its operating margin projection from 24% to 25%.

Additionally, Netflix announced a significant change in its reporting practices; starting with its Q1 2025 earnings, the company will no longer release quarterly membership numbers and average revenue per user. Instead, it will focus on revenue and operating margin as its primary performance indicators.