Netflix on the verge of hitting 100 million subscribers

Netflix on the verge of hitting 100 million subscribers

Netflix on the verge of hitting 100 million subscribers

Netflix finished the first quarter of this year with 98.75 million subscribers and predicted that its ranks would crest 100 million this weekend. "Considering the new seasons of House of Cards and Orange is the New Black are scheduled for release later this quarter as well, we believe guidance could prove conservative".

For the earnings quarter that ended March 31, Netflix added just 5 million members in total: 1.42 million subscribers in the USA and 3.53 million subscribers internationally, both of which missed analysts' estimates.

Over the past ten years what really did it for Netflix was the emergence of phones and tablets that enabled people to watch videos with mobility, said Wedbush Securities analyst Michael Pachter. However, Netflix clearly has faith in its on prowess. Wall Street had been modelling for Netflix to earn 24 cents a share excluding items on sales of $2.76 billion.

Netflix said it viewed the change "as mostly noise in the long-term growth trend and adoption of internet TV".

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While Amazon was behind the curve when it came to streaming video and expansion into global markets, the company is quickly making up ground on Netflix, especially when it comes to its commitment producing original content.

For the quarter that ended March 31, Netflix added 3.53 million subscribers outside the United States. Other cable channels are also offering internet-only options as more viewers avoid other traditional TV packages and get a subscription for streaming services.

Shares of Netflix are up more than 30 percent in the past year. Both Amazon and Netflix have also been investing heavily in original programming to win subscribers to their on-demand video services. It lost some long-time USA subscribers after their rates went up by as much as $2 per month a year ago.

"The model works from a consumer perspective because it is such a good value", Pachter said. On the other hand, the lack of big-budget productions boosted net income. But now he's "super-excited" about Netflix's signing up its 100 millionth customer over the coming weekend. Netflix guided to Q2 revenue of $2.755 billion slightly above Baird's $2.72 billion estimate, with EPS of $0.15 below the firm's $0.21 estimate and consensus.

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The streaming company made the pledge as it revealed its global business registered a profit for the first time on the back of revenues that hit the $1 billion mark.

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"Since the launch of The Ridiculous 6, Netflix members have spent more than half a billion hours enjoying the films of Adam Sandler", reads the earnings report.

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