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Netflix nears 100 million subscribers

Netflix is due to report earnings after the close on Monday Netflix is due to report earnings after the close on Monday
Ramiro Mantilla | 19 Abril, 2017, 09:35

The streaming-video giant reported first-quarter user gains that fell short of estimates because there wasn't a House of Cards-style hit to draw new viewers and retain others.

For example, its show House of Cards, which was debuted previous year in first quarter, was shifted to second quarter, which is the reason for their lower-than-expected subscriber growth. In that time, Netflix has added 72 million more subscribers.

The world's biggest paid video service signed 4.95 million new customers last quarter, fewer than the 5.49 million analysts were expecting. "We don't think it will have much of an impact on us as Netflix is largely complementary to pay TV packages", Netflix wrote.

On the issue of live sports, following Amazon's National Football League deal, Netflix commented: "That is not a strategy that we think is smart for us since we believe we can earn more viewing and satisfaction from spending that money on movies and TV shows".

The Los Gatos, California company now has a market value of about $63 billion.

Netflix made the prediction Monday, April 17, amid the release of its Q1 earnings for 2017.

A costly worldwide expansion has depressed Netflix's profits.

In North America, key releases this past quarter included A Series of Unfortunate Events, a dark comedy, Santa Clarita Diet, a "zom-com" starring Drew Barrymore, and Ultimate Beastmaster, Netflix's first competition show that pits athletes from around the globe against a fearsome 600-foot obstacle course.

Q1 EPS (GAAP): $0.40, versus Wall Street forecasts of $0.37.

Netflix added almost five million subscribers worldwide in the first quarter of 2017, down from more than seven million subscribers it added the quarter before that.

"We have high satisfaction and are rapidly growing in Latin America, Europe and North America", the company said in its letter to shareholders.

As it is, Netflix expects to spend about $6 billion on programming this year. Revenue grew 35 percent to $2.64 billion. Analysts are forecasting net income of $477.2 million, or $1.09 a share, on revenue of $11.2 billion, based on the average of estimates compiled by Bloomberg.

"We've definitely got YouTube Envy", Hastings said while pointing out that while YouTube streams more than 1 billion hours of video per day, Netflix's SVOD offering streams a little over 1 billion hours per week. We use cookies to improve your browsing experience.