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

Netflix co-CEO Ted Sarandos.

Earl Gibson III/GG2025/Penske Media via Getty Images

• Netflix will stop sharing quarterly subscription figures, starting with its first-quarter report Thursday.
• So, what will Wall Street be looking for?
• Analysts are interested in Netflix's ad progress, as well as its creator and sports strategies.

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...