June 21, 2018

Netflix could surpass 100 million subscribers by the end of this week

20 April 2017, 10:50 | Winston Chapman

Netflix could surpass 100 million subscribers by the end of this week

Netflix could surpass 100 million subscribers by the end of this week

Analysts found that Los Gatos earned $178 million on revenue of $2.6 billion in the first three months but Netflix will make $482 million on revenue of more than $11 billion for the entire year. Revenue growth continued during the quarter, rising by 38.8% year-on-year to US$2.516 billion.

Almost 10 years after Netflix began offering online streaming of movies and TV shows, the company says it's all set to hit the 100-million subscribers mark.

Netflix's confidence in its existing business model was borne out by the company's results for the quarter: Revenues increased 35%, while the service added 5 million new members.

Netflix reported slower growth than analysts were predicting in the first quarter - held back by a dearth of big releases like "House of Cards" that generate fresh subscriber signups both in the United States and overseas.

Netflix stock is still on a steady march downward after the company disappointed investors with the number of subscribers it added during the first quarter.

Q2 subscriber growth guidance (international): 2.6 million, versus Wall Street forecasts 2.1 million.

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Netflix reiterated that it has no plans to enter the live TV market, and does not expect to be negatively impacted by growing live OTT video options. And the company said it expects to cross the 100 million member mark for its service during the coming weekend. If that wonderful milestone is true, then Netflix executives just tipped their hand that the subscriber guidance they gave for this quarter may be too low.

While touting the milestone on an earnings call Monday, Netflix CEO Reed Hastings stressed that services like YouTube and Facebook (FB, Tech30) each have a billion or more users.

Netflix was likely prepared for some investors to be disappointed by today's membership figures, and it was careful to note that it does not believe membership growth is the key figure to note in today's report.

Netflix said Dave Chappelle: Collection 1, comprising two original stand-up performances from the comedian was its most-viewed comedy special ever.

After global expansion of Amazon Video took place late previous year, the company is beginning to open up the wallet to compete better with streaming rival Netflix. However, all bets are off today, as the stock marched onward and downward and seem destined for a close in the $140 range, if not below $140 a share.

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