04:54 PM EDT, 04/18/2024 (MT Newswires) -- Netflix ( NFLX ) first-quarter results exceeded Wall Street's estimates amid stronger-than-expected membership growth, while the streaming giant late Thursday offered a downbeat outlook for the current three-month period.

Revenue increased 15% year-over-year to $9.37 billion, topping the consensus on Capital IQ for $9.28 billion. Per-share earnings surged to $5.28 from $2.88 a year earlier, higher than the Street's $4.53 view.

Netflix ( NFLX ) said in a letter to shareholders that its global paid net additions soared to 9.33 million in the first quarter from 1.75 million a year ago, well above the consensus on Visible Alpha for a 4.8 million increase. Pricing also helped buoy revenue, according to Netflix ( NFLX ).

The company projects second-quarter revenue rising 16% year-over-year to $9.49 billion, trailing analysts' $9.53 billion estimate on Capital IQ. Netflix ( NFLX ) projects net subscriber additions to be down sequentially due to seasonality.

The company said it must continue to explore additional revenue and profit streams to sustain long-term growth. In particular, it wants ads to become "a more meaningful contributor" to the business in 2025 and beyond, according to Netflix ( NFLX ). The company will also remain focused on improving its content.

Netflix ( NFLX ) said it expects 13% to 15% revenue growth this year and increased its 2024 operating margin forecast to 25% from a prior range of 24%.

The company's share price was falling 3.2% in after-hours trade.