Netflix nears 100 million subscribers

Netflix nears 100 million subscribers

Netflix nears 100 million subscribers

Customer numbers outside of the U.S. hit 47.9 million but growth slowed to 3.5 million net additions, down from 5.1 million in the previous quarter.

The world's biggest paid video service signed 4.95 million new customers last quarter, fewer than the 5.49 million analysts were expecting.

As streaming video services like Amazon and Netflix gain more and more subscribers, revenue, and pull within Hollywood, it's become clear that the traditional cinema model of theatrical releases leading to home media several months later just isn't going to cut it. All the same, after taking into account the company's healthy second-quarter outlook, Netflix's latest earnings report did little to spark fears that the competition and/or high penetration rates have done much to slow its momentum. Netflix, based in Los Gatos, California, has lined up a slew of high-profile releases in the coming months, including new seasons of House of Cards, Orange Is the New Black and Master of None. Because of those expenses, Netflix said profit in the period will be 15 cents a share, short of analysts' estimate of 23 cents.

The company made a first-ever profit of $43 million on its worldwide operations during the quarter, but warned of a loss in Q2 due to continued investments.

In fact, Netflix turned in a rosier forecast for Q2 than Wall Street was expecting, both domestically and internationally.

North Korea Parades New Prototype Long-Range Missiles amid Nuclear Tensions
Unlike at some previous parades attended by Kim Jong-un, there did not appear to be a senior Chinese official in attendance. While Pyongyang seems to have backed down to USA military pressure for now, it is likely only a temporary pause .

While we project net subscriber growth to slow, the current results were surprising in light of the strong 1.93 million total net adds in the the previous quarter. The report was not enough to win over investors anxious about the stock's pricey valuation, recently at 110 times expected earnings.

Netflix added almost five million subscribers worldwide in the first quarter of 2017, down from more than seven million subscribers it added the quarter before that.

Revenue rose 35 per cent to US$2.64 billion in the quarter.

"We definitely have YouTube envy", Hastings said.

In a measure of how much Netflix subscribers like the service, Hastings said Monday that they collectively stream more than 1 billion hours of programming per week. In a broad sense, the company wrote, it's making an effort to improve its "content offering to match local tastes in Asia, Middle East, and Africa", while it acknowledges that it has a long way to go to equal the strong progress it has already made in Latin America.

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