Netflix beats Wall Street expectations with over 103M subscribers worldwide

By : |July 18, 2017 0

Netflix added 5.2 million new subscribers last quarter beating both its own expectations as well as that of Wall Street. The company is now up to 103.95 million subscribers worldwide pushing the stock up as much as 9.7 percent in after-hours trading after it reported earnings for the quarter.

The video streaming service said that it made $2.70 billion in revenue for the second quarter of 2017, reporting $66 million in net income, up about 50 percent from the same period last year. But for Wall Street, its all about subscriber growth. Netflix added 5.2 million new customers in total during the said quarter versus its forecast of 3.2 million. 1.1 million of these new customers came from the United States, and 4.1 million came from overseas.

“In Q2, we underestimated the popularity of our strong slate of content which led to higher-than-expected acquisition across all major territories,” the company said in its earnings report.

Netflix now has a bigger international base of users than domestic, marking a tipping point for the streaming service. Netflix has nearly 104 million total subscribers, with 51.9 million domestic subs and 52 million international subs.

                                 

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The second quarter saw the return of House of Cards and Orange Is the New Black, two of its most popular series, as well as a breakout hit in 13 Reasons Why. Netflix says it hopes to add 750,000 new US subscribers and 3.65 million international subscibers in Q3.

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