Netflix subscriber growth beats on strong original content
Shares of the company, which have surged about 60 percent this year, rose 6 percent to $327.57 after the bell on Monday.
Netflix, which faces stiff competition from Amazon.com`s
The Los Gatos, California-based company had said it plans to spend around $8 billion on content this year to boost its subscriber growth.
Netflix added 5.46 million subscribers in its international markets in the first quarter ended March 31. compared with the average analyst estimate of 5.02 million, according to data and analytics firm FactSet.
Netflix said it added 7.4 million total subscribers compared with the average analyst estimate of 6.5 million, according to FactSet.
Net income rose to $290.1 million, or 64 cents per share, in the quarter ended March 31 from $178.2 million, or 40 cents per share, a year earlier.
Total revenue rose 40.4 percent to $3.7 billion in the quarter.
Analysts on average had expected a revenue of $3.69 billion, according to Thomson Reuters I/B/E/S.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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