Netflix adds seven million subscribers over summer after spring stumble

17 October, 2018, 21:30 | Author: Irvin Gilbert
  • Ernesto S. Ruscio  Getty Images for Netflix Netflix CEO Reed Hastings

The Faangs have driven stock markets to record highs and Netflix's shares leaped 15% in after hours trading.

"We don't believe in 'open-ended growth stories.' But, darn, (Netflix) is about as close to one as you can find in today's market", RBC analyst Mark Mahaney said in a note.

Netflix never identifies which shows are most successful.

The number of net new subscribers, a closely watched figure among Netflix investors, increased by 7 million last quarter to a total of 137.1 million subscribers. Sales growth has accelerated in recent years, jumping to 32% growth last year from 23% in 2015.

Netflix's record-setting level of new programming paid off. The slate included new seasons of the drama Ozark and the animated comedy BoJack Horseman, ' as well as the company's first Indian original series, Sacred Games' and Ghoul.

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Of course, the quarter also attracted its share of controversy, including the debut of Insatiable, which earned accusations of fat-shaming.

On October 10, WarnerMedia announced it is entering into the streaming game with a direct-to-consumer streaming service set to launch at the end of next year. "The variance relative to forecast was due to greater-than-expected acquisition globally, with strong growth broadly across all our markets including Asia". Net income came in at 89 cents per share, beating Wall Street's number by 21 cents a share.

The Los Gatos, California-based company said revenue jumped 34 percent to $4 billion, matching estimates of Wall Street analysts polled by Refinitiv. "This year, Netflix originals led with 112 Emmy nominations spanning 40 of our shows", it added. Now ranked as the third market with most subscribers after the USA and Brazil, its market share grew more rapidly than either country during the third quarter, the report added. It added 6.96 million new subscribers, exceeding expectations and coming in particular relief after the company disappointed during its previous quarter.

Media companies that once sold programs to Netflix for hundreds of millions of dollars are now building their own on-demand services to compete head on. Those markets boosted Netflix again in the third quarter, contributing 5.87 million new customers. Disney and AT&T Inc, the parent of Warner Bros. and HBO, are each looking to introduce new services next year - after completing takeovers of other companies worth a combined $160 billion.

"We feel like we have a long, long runway ahead of us in India", said Peters.

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