Netflix adds 5.2m new subscribers

Dhaka,  Fri,  21 July 2017
Published : 18 Jul 2017, 11:20:50
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Netflix adds 5.2m new subscribers; shares jump

Netflix adds 5.2m new subscribers
Netflix Inc crushed Wall Street forecasts by adding 5.2 million new subscribers in the second quarter and predicted continued momentum as foreign subscriptions topped those in the United States.

The American entertainment company stock rose 10.4 per cent on Monday.

Shares of the streaming-television pioneer jumped $16.82 to $178.55 in after-hours trading, beating their all-time intraday high of $166.87 on June 8.

Netflix expects foreign growth to bring its first full-year profit for overseas markets in 2017, the company said in a letter to shareholders.

At the end of June, Netflix for the first time recorded more subscribers abroad than in the United States - 52.03 million vs. 51.92 million.

A strong slate of TV series, such as "13 Reasons Why" and the latest season of "House of Cards," brought in more customers than Netflix had predicted for the Q2, typically its slowest season of the year. 

Wall Street had expected 3.2 million new customers worldwide.

Netflix added 4.14 million monthly subscribers in non-US markets, far more than the average analyst estimate of 2.59 million, according to data from analytics firm FactSet.

In the United States, it signed up 1.07 million subscribers, beating analysts' average estimate of 631,000.

Netflix projected adding 3.65 million international subscribers from July through September, compared with analysts' consensus estimate of 3.2 million.

Revenue rose 32.3 per cent to $2.79 billion in the second quarter.

Net income rose to $65.6 million, or 15 cents per share, from $40.8 million, or 9 cents per share, a year earlier, just shy of analysts' forecast of 16 cents per share, reports Reuters.
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