LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Netflix adds more subscribers than expected, shares hit record

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Oct 17, 2017
05:37 am
Reuters
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

Netflix Inc added more subscribers than expected around the world in the third quarter and projected growth in line with Wall Street forecasts, saying it had a head start on rivals as internet television explodes globally.

Shares of the world`s leading online video streaming service touched a record high on Monday and rose a further 1.2 percent after hours to $205.07. They are up about 64 percent this year.

For the third quarter, Netflix added 5.3 million subscribers in all its markets, compared with Wall Street`s target of 4.5 million, according to FactSet. Netflix forecast 6.3 million additions for the current quarter, just above analysts` average estimate of 6.25 million, which would bring its global customer base to nearly 115.6 million.

The company known for original TV shows such as "House of Cards" is spending heavily to produce and acquire content as it races to dominate streaming television in international markets, which now account for the majority of its subscriber growth.

In its quarterly letter to shareholders, Netflix said it would boost its content budget to between $7 billion and $8 billion in 2018.

"As we move into 2018, we aim to achieve steady improvement in international profitability and a growing operating margin as our success in many large markets helps fund investments throughout Asia and the rest of the world," the letter said.

Investors have been bullish on Netflix`s ability to keep signing up customers around the world despite new rivals. Netflix recently traded at 101 times expected earnings for the next 12 months, versus Amazon.com Inc at 144 times earnings and Time Warner Inc at 16 times earnings, according to Thomson Reuters data.

The company faces increasing competition from streaming services such as Amazon.com`s Prime Video, plus moves by traditional media companies. Walt Disney Co decided to yank its first-run movies from Netflix in the United States starting in 2019, and to launch its own online offering.

Netflix, in its investor letter, said Disney`s decision underlined the need to keep building its slate of exclusive original content. "We have a good head start but our job is to improve Netflix as rapidly as possible," the company said.

But Hastings said on a webcast it was "extremely unlikely" that Netflix would bid on The Weinstein Company if the opportunity arose. The film production company is in talks to sell the bulk of its assets to Colony Capital following the firing of co-founder Harvey Weinstein.

Netflix distributes some Weinstein Company movies and TV shows on its streaming service but the business is not material, Netflix Chief Creative Officer Ted Sarandos said on the webcast.

Netflix`s 5.3 million additional subscribers in the third quarter included 4.45 million in international markets and 850,000 in the United States. Wall Street had expected 4.5 million overall, with 3.69 million overseas and 810,000 in the United States, according to FactSet.

Revenue rose about 30 percent to $2.99 billion in the third quarter.

Net income rose to $130 million, or 29 cents per share, in the latest quarter from $52 million, or 12 cents per share, a year earlier.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

LATEST NEWS

CBSE Board Exam 2021 Latest News: Class 10, 12 students alert! Controller Dr. Sanyam Bhardwaj says this

Mid Cap Picks with Anil Singhvi: Bombay Burmah, Fine Organic and Gujarat Alkalies are Jay Thakkar's top recommendations

FD fraud: SBI issues alert for customers, says avoid THESE things or else you will lose money

MASSIVE! Top 10 best-selling smartphones: Apple grabs 6 places - These 3 iPhones contribute to 71% sales in Jan 2021

Lockdown in Delhi? CM Arvind Kejriwal confirms this after review meeting

Amazing investment strategy to enjoy life after retirement! This is the right approach to achieve solid financial stability

Earthquake hits this region of Madhya Pradesh

India leads US and China, administers 100 million COVID-19 vaccinations doses in 85 days

Air Bubble agreement: Finalised! Travel between India, Sri Lanka to become easier - Here is how

Vakeel Saab Review: What Superstar Mahesh Babu said for Power Star Pawan Kalyan blockbuster movie

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved