Netflix beats subscriber targets, shares jump 11 percent

Netflix beats subscriber targets, shares jump 11 percent

Netflix says it hopes to add 750,000 new US subscribers and 3.65 million global subs in Q3. Netflix shares were up over 10% in after-hours trading as the company was close to its own forecasts for its financial results, and exceeded its targets for subscriber growth.

The stock jumped roughly 11 percent, topping $179 per share after it closed regular trading at $161.70, up 58 cents. That's higher than Wall Street's expectations for adjusted earnings of 23 cents per share and $2.9 billion in sales, as well as net USA adds of 725,000 subscribers and 2.59 million worldwide subscribers. Fourteen original series, 13 comedy specials and nine feature films were released in the second quarter. The company also announced $2.79 billion revenue leading to 15 cents per share earnings, again a higher number than analysts' expectations of $2.76 billion revenue and 16 cents per share earnings.

It added slightly more than a million subscribers in the States.

Revenue is slated to come in at 2.76 billion for the quarter.

The company's letter to shareholders laid out Netflix's intention to take on the traditional movie theater market in the coming months.

"If you're not failing, maybe you're not trying hard enough", chief content officer Ted Sarandos said on the company's interview discussing second-quarter 2017 results.

The guidance assumes much of the second quarter's momentum will continue, the letter said, though it added that Netflix's forecasts had been too optimistic at times. As of April 28, 2017, it had approximately 100 million members in 190 countries. In a stakeholder note shared by the streaming platform, it revealed that Netflix has amassed 104m monthly subscribers as of June 2017, stressing that the unexpected growth is due to "amazing content".

Netflix said it had quarterly profits of $65.6m, up about 60%.

"Last week, the Television Academy nominated 27 Netflix original programmes with 91 Emmy nominations, almost double last year's tally", the company wrote in a letter to investors. The same period from past year had $0.09 in EPS and $2.11 billion in revenue. Sometimes those shows don't attract as many viewers as we had hoped, compared to our other content.



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