-- Netflix reported Thursday better-than-expected first-quarter results after blowout subscriber growth, but the streaming giant forecast weaker-than-expected revenue for the current quarter amid expectations for slower net additions in Q2.  

Netflix Inc (NASDAQ:) fell nearly 4% in afterhours trading following the report. 

earnings of $5.28 a share on revenue of $9.37B, topping estimates of $4.51 on revenue of $9.27B. 

The beat on the bottom line was driven by stronger than expected subscriber growth in the quarter.

Netflix added 9.33 million users, markedly beating analyst expectations of about 4.8 million net adds.

The company's ad-tier streaming service saw membership grow 65% quarter on quarter, underscoring progress on its plans for ad revenue growth to become a more meaningful part of its business.   

For the second quarter, the company forecast EPS of $4.68 on revenue of $9.49B, compared with Wall Street estimates of $4.55 on revenue of $9.5B, but also cautioned that paid net additions would slow sequentially in Q2. 

"We expect paid net additions to be lower in Q2’24 vs. Q1’24 due to typical seasonality," Netflix said, though added that average revenue per membership, to be up year-over-year in Q2.

Looking further ahead, the company forecast revenue growth of 13% to 15%, on operating margin of 25%, up from a prior forecast of 24%. 

The company also said it would stop reporting quarterly membership numbers and average revenue per membership starting next year with its Q1 2025 earnings, as it believes revenue and operating margin are its key performance measures.