Massive subscriber growth for Netflix

Massive subscriber growth for Netflix

Massive subscriber growth for Netflix

Netflix Inc hooked 7 million new streaming subscribers from July to September, a third more than Wall Street had expected, reassuring investors who had anxious the company was facing a slowdown in its fast-paced growth.

The numbers are likely to restore investor confidence in the streaming service, which when reporting second-quarter earnings in July fell short of analysts' forecast for new subscribers by more than 1 million.

Netflix' Summer of Love, a programming campaign that lumped a bunch of teen-focused romantic comedy releases during the northern hemisphere's summer, hit the bull's eye, the company said in its third-quarter earnings report on Tuesday.

Netflix also posted strong subscriber growth - a key barometer of the company's performance. Investors should be very pleased to see that Netflix was able to add so many more new users in the US, especially amid competition from Amazon AMZN and increased market saturation.

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Q4 is usually the most lucrative time for Netflix in terms of growth and revenue and there's no reason to see why this year will be any different.

Netflix is behind shows such as The Crown and Orange Is The New Black.

But despite those concerns, and last quarter's subscriber wobble, Netflix shares have risen 78% this year, as consumers continue to move away from traditional media and access more content online. Worldwide markets accounted for 84 per cent of new customers, the company said, and constituted 57 per cent of its overall customer base.

The additions helped lift profit more than threefold to 89 cents a share, beating the 68-cent average of analysts' estimates.

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Netflix added 1.1 million subscribers in its domestic market, above the 674,000 additions forecast.

Netflix shares soared after smashing growth and revenue targets, despite the company nearly doubling its debt in order to invest in original series. Netflix doesn't break out its users by market, with the exception of the US, though most analysts agree that the U.K., Brazil, Canada and Mexico rank among the company's largest.

In the current quarter, Netflix is forecasting net new subscribers of 9.4 million, including 1.8 million new subscribers in its domestic market and 7.6 million in global markets. Disney and AT&T Inc, the parent of Warner Bros. and HBO, are each looking to introduce new services next year - after completing takeovers of other companies worth a combined $160 billion.

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