Netflix (NFLX) reported Q1 FY 2021 earnings of $3.75 per share (versus $1.57 per share in Q1 FY 2020), beating analysts’ consensus estimate of $2.94 per share.

The company’s quarterly revenues amounted to $7.163 bln (+24.2% y/y), roughly in line with analysts’ consensus estimate of $7.132 bln.

The company also reported Q1 FY 2021 global streaming paid net adds of +3.98 mln versus its prior guidance of +6.00 mln and +8.51 mln in Q4 FY 2020. Analysts had forecast +6.2 mln, according to Factset.

Netflix issued mixed guidance for Q2 FY 2021, projecting EPS of $3.16 versus analysts’ consensus estimate of $2.67 and revenues of $7.302 bln versus analysts’ consensus estimate of $7.37 bln. It also guided to Q2 FY 2021 global streaming net adds of +1.00 mln.

In addition, the company approved a $5 bln share buyback program beginning in FY 2021 with no fixed expiration date. The buyback program is expected to begin this quarter.

NFLX fell to $505.70 (-7.98%) in pre-market trading.