Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Netflix's subscriber growth beats on new shows

Published 07/17/2017, 04:36 PM
Updated 07/17/2017, 04:36 PM
© Reuters. teFILE PHOTO: The Netflix logo is pictured on a television remote in this illustration photograph taken in Encinitas, California

(Reuters) - Netflix Inc (O:NFLX) added more U.S. and international subscribers than expected in the second quarter as new original shows such as "13 Reasons Why" as well as the latest season of hit political drama "House of Cards" helped attract more viewers.

Shares of the company were up 9 percent at $176.2 in trading after the bell.

The company said on Monday it added 4.14 million subscribers internationally in the quarter ended June 30, compared with the average analyst estimate of 2.59 million, according to data from analytics firm FactSet.

The streaming giant, whose original shows also include "Orange is the New Black" and "The Crown", added 1.07 million subscribers in the United States, compared with analysts' average expectation of 631,000.

The company's typically slow second quarter got a boost from the shift in the release of the fifth season of "House of Cards" from the first quarter.

Netflix - which has expanded globally in the last few years, rolling out shows in different languages - is expecting international subscriber additions of 3.65 million for the current quarter. Analysts on average had estimated 3.2 million additions.

The company, which crossed the 100 million subscriber mark in April, said it expected positive international contribution for the full year.

Netflix is spending $6 billion a year on content to lure new subscribers in a quest to become the dominant streaming service around the world even as it faces a slowdown in the United States.

The Los Gatos, California-based company said revenue rose 32.3 percent to $2.79 billion in the quarter.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The company's net income rose to $65.6 million, or 15 cents per share, in the latest quarter from $40.8 million, or 9 cents per share, a year earlier.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.