Netflix won't break out subscriber numbers in its earnings anymore. Here's what Wall Street will be focused on instead.

Netflix is set to report its first-quarter earnings on Thursday, but there's a big twist. It will no longer break out subscription figures, which had been a central barometer that many on Wall Street used to gauge the health of its business. Why the change? Netflix has said it wants to shift the conversation to other metrics like user engagement and revenue, which it contends are more indicative of its success as it matures.After a blockbuster fourth quarter — when it had its biggest-ever haul of new subsc ...