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News Worms


Netflix nears 100 million subscribers worldwide

Netflix nears 100 million subscribers worldwide

Around 51 million of Netflix's users are from the U.S. By the end of 2017, Piper Jaffray analyst Michael Olson anticipates the bulk of the company's subscribers to be from outside the nation.

Netflix released 17 stand-up specials, nine feature films and an array of original series for kids and adults, but blamed the absence of one show - "House of Cards" - for its slower-than-projected viewer growth. The shares rose less than 1 percent to $147.71 at 8:00 a.m.in NY before the official market open.

That brings Netflix's total subscriber base about 1.2 million shy of the 100 million mark.

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Netflix expects to add another 3.2 million subscribers and push its total to 101.95 million during the second quarter, but that could prove to be a conservative figure if current growth trends continue for the company. The company also boosted profits to $178.2 million, or 40 cents a share during the quarter, up from $27.7 million, or 6 cents per share during the same period a year earlier. It's hard to imagine that letting "consumer choose" would result in anything but an overwhelming majority of moviegoers opting to simply watch new release films on the service they're already paying (a much more reasonable fee) for.

Netflix reported first-quarter customer numbers slightly below expectations, but said it still sees "gigantic" potential for worldwide growth.

The world's biggest paid video service signed 4.95 million new customers last quarter, less than the 5.49 million analysts were expecting.

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In Q1, the company reported US streaming revenues of $1.5 billion and $1.05 billion coming from the global market. Mostly to make its movies eligible for Oscar nominations, Netflix has had to partner with luxury theaters like iPic on limited theatrical releases instead. Revenue grew 35 percent to $2.64 billion. Netflix will spend more than $1 billion in marketing this year to drive customer acquisitions. But according to the first notes to clients Tuesday morning, analysts believes Netflix is being conservative, even with that better-than-expected forecast.

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

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