Netflix gave a weak forecast last night that unnerved investors just as Walt Disney and others prepare to escalate Hollywood's streaming video wars.

However the company's quarterly results beat Wall Street targets.

Netflix predicted it would pick up 5 million new streaming subscribers from April to June. That was below the 5.48 million consensus of industry analysts surveyed by FactSet. 

Netflix added a record number of paid streaming customers in the first quarter, reaching a total of 148.86 million. 

The just-ended first quarter included the debut of original dramas "Sex Education" and "Russian Doll," and the company raised prices in the US, Mexico and Brazil. 

In a letter to shareholders, Netflix said it saw "some modest short-term churn effect," or dropping of its service, in response to the price increases.

From January to March, Netflix said it added 7.86 million paid subscribers internationally, compared with the average analyst estimate of 7.14 million, according to IBES data from Refinitiv. 

The company said it signed up 1.74 million paid subscribers in the US in the quarter, above the average analyst estimate of about 1.57 million, according to IBES data from Refinitiv. 

Netflix is spending billions to attract new customers while Disney and Apple build streaming rivals and makes gains with audiences.