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 beats subscriber targets, shares jump 11 pct

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Jul 18, 2017
03:10 am
Reuters

Netflix Inc crushed Wall Street forecasts by adding 5.2 million new streaming customers in the second quarter and predicted continued momentum as it expands around the world, lifting its stock nearly 11 percent on Monday.

Shares of the company that pioneered streaming television jumped to $179.16 in after-hours trading, beating their all-time intraday high of $166.87 on June 8.

Netflix expects foreign growth to lead to its first full-year profit for overseas markets in 2017, the company said in a letter to shareholders.

At the end of June, Netflix for the first time recorded more subscribers abroad than in the United States - 52.03 million vs. 51.92 million.

The company said a strong slate of content, such as "13 Reasons Why" and the latest season of hit political drama "House of Cards," helped attract new customers in the second quarter, which is typically its slowest season of the year.

Netflix added 4.14 million non-U.S. subscribers, compared with the average analyst estimate of 2.59 million, according to data from analytics firm FactSet. (http://bit.ly/2usBBdF)

In the United States, it signed up 1.07 million subscribers, beating analysts` average estimate of 631,000.

Netflix is expecting international subscriber additions of 3.65 million for the current quarter, compared with analysts` average estimate of 3.2 million.

The guidance assumes much of this momentum will continue, the letter said, though it added that Netflix`s forecasts had been too optimistic at times.

Netflix is spending $6 billion a year on content to win new subscribers in a quest to become the dominant movie and TV streaming service around the world even as it faces a slowdown in U.S. customer growth. It is customising content for different countries and adding shows in various languages.

The Los Gatos, California-based company said it expected to report negative free cash flow "for many years" as it invests in content to add new subscribers.

Netflix said revenue rose 32.3 percent to $2.79 billion in the quarter.

The company`s net income rose to $65.6 million, or 15 cents per share, in the latest quarter from $40.8 million, or 9 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:

LATEST NEWS

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

CBSE exams 2021 cancellation demand: Board has big update for Class 10, 12 students

NURECA Share Price hits 20% UPPER CIRCUIT: Know the reason WHY

7th pay Commission: This is what Centre said about pending DA installments; staffers to get it by 'this' month

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

Bihar schools, colleges and other educational institutes to remain closed till THIS date—what Nitish Kumar said

Stock Market Outlook: Nifty, Bank Nifty support range REVEALED; Anil Singhvi says global cues, corona cases and FIIs data will be crucial

West Bengal election 2021: LIVE UPDATES! 75.93% voter turnout recorded till 5:24 pm; 4 people killed, 4 injured in firing incidents

Gold price: Resistance, support for MCX Gold REVEALED, check crucial levels

  • 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