Published: Tue, July 18, 2017
Money | By Armando Alvarado

Netflix soars on worldwide expansion

Netflix soars on worldwide expansion

In the U.S., Netflix added 1.07 million subscribers in the quarter, bringing its count to 51.92 million.

On Monday, the company closed at $161.70 - up 0.36% on the day - but soared to $179.25 in after-hours trading, due to its quarterly earnings/subscriber news release.

Subscriber growth exceeded Netflix's own estimates of 3.2 million new subscribers.

Digital content streamer Netflix Inc (NASDAQ:NFLX) is reporting after the bell and, as ever, sUBScriber numbers to the service will be closely scrutinised. According to analysts, the new season premiere of House of Cards and the breakout drama series 13 Reasons Why can be attributed largely to Netflix's breakthrough. "We underestimated the popularity of our strong slate of content which led to higher-than-expected acquisition across all major territories", Netflix wrote in its earnings letter.

Netflix reported that it added 5.2 million subscribers during the three-month period, up from 4.95 million new subscribers during the previous quarter.

As CNBC notes, Netflix's explosive Q2 growth is an especially good sign given that the company often struggles during this period.

Netflix expects to pull in total Q3 revenues of $2.96 billion.

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Allenberg said using violence and intimidation to limit consumer choice was unacceptable. The company is requesting an urgent meeting with the police and transport ministers.

Wall Street analysts had forecast Netflix to earn 16 cents a share on $2.76 billion in revenue.

What is primarily driving this global growth is the interesting, exclusive content that the company is producing. Part of Netflix's massive investment in content production has been in making shows explicitly for worldwide audiences - like the Mexican political drama Ingobernable, which Netflix said has a large Spanish-language audience outside of Mexico.

However, Netflix stressed the importance of creating new content, on which it spends $6bn a year, as it strives to fight off competition from the likes of Amazon and YouTube and traditional broadcasters.

Just last week 27 Netflix Originals received 91 Emmy nominations.

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Netflix also reported profits of 15 cents per share on revenue of $2.79 billion for the quarter, virtually in line with Wall Street's estimates.

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