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Why our subscriber growth rates were disappointing — Netflix

21 April 2017, 01:10 | Winston Chapman

Why our subscriber growth rates were disappointing — Netflix

Why our subscriber growth rates were disappointing — Netflix

A decade after shaking up Hollywood by delivering TV shows and movies over the internet, the company said it expects to top 100 million global subscribers this weekend.

Shares of Netflix NFLX.O fell from record-high territory on Tuesday and were headed for their worst session in five months after a mixed quarterly report failed to impress Wall Street.

The streaming service had previously forecast an addition of 5.2 million subscribers worldwide in Q1 2017 to reach 99 million.

"We definitely have YouTube envy", Hastings said. He feels that the strong release slate for the second quarter and the additional local languages should drive improved subscriber adds during the second quarter.

After registering around 5 million subscribers in the first three months of the year, Netflix was expected to end March with 98.7 million customers in roughly 190 countries.

The results come after Netflix added 7.05 million new subscribers in the fourth quarter of 2016, setting a quarterly record for net subscriber adds. Wedbush reissued an underperform rating and set a $60.00 target price on shares of Netflix in a research note on Wednesday, December 21st. Quarterly revenues of $2.637 billion just missed our consensus estimate of $2.641 billion, but this figure still represents growth of almost 35% year-over-year.

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The company has a market capitalization of $60.15 billion, a P/E ratio of 325.02 and a beta of 1.27. The Internet television network reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $0.37 by $0.03.

But the company expects to lose another $28 million internationally in the current quarter.

Netflix is to spend over $1 billion on marketing this year as it looks to boost subscriber numbers.

A number of hedge funds have recently bought and sold shares of the company.

"The company needs to plan for a future in which its USA business is virtually saturated, and overseas growth starts slowing", said Paul Verna, eMarketer principal analyst focused on digital video. Streaming is Netflix's bread and butter and has been for quite some time now. This report covered the first quarter of fiscal year 2017.

The inclination has presented Netflix with more rivalry in the contest for home entertainment budgets.



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