Netflix
Q1 2022 Earnings Call
Apr 19, 2022, 6:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Spencer Wang
Good afternoon, and welcome to the Netflix Q1 2022 earnings interview. I'm Spencer Wang, VP of IR and corporate development. Joining me today are co-CEO, Reed Hastings; co-CEO and chief content officer, Ted Sarandos; COO and chief product officer, Greg Peters; and CFO, Spence Neumann. Our interviewer this quarter is Doug Anmuth from J.P.
Morgan. As a reminder, we'll be making forward-looking statements, and actual results may vary. With that, Doug, I'm going to turn it over to you for the first question.
Doug Anmuth -- J.P. Morgan -- Analyst
Great. Thanks, Spencer. So, your tone in the letter today around competition, maturity, and macro factors is very different than it was three months ago. I was hoping that you could start out by just walking us through how your views have changed over the past few months.
Reed Hastings -- Co-Chief Executive Officer
Yeah, Doug. I mean, I think our views are a little different because our numbers are a little different. If we had made our 2.5 million guidance, I think that was consistent with our thesis. And the lower acquisition really forced us to kind of tease apart what's going on.
And as we put in the letter, COVID created a lot of noise on how to read the situation, boosted us a lot in 2020. And then in 2021, I think we thoughtfully said it was mostly pull forward, which was the logical conclusion. But now, coming into 2022, that doesn't really hold. So then pushing into it, we realized, with all of the account sharing, which we've always had, that's not a new thing, but when you add that up together, we're getting pretty high market penetration.
And that, combined with the competition, is really what we think is driving the lower acquisition and lower growth. So on the two parts, we're working on how to monetize sharing. We've been thinking about that for a couple of years. But when we were growing fast, it wasn't the high priority to work on.
And now, we're working super hard on it. And remember, these are over 100 million households that already are choosing to view Netflix. They love the service. We just got to get paid at some degree for them.