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Netflix surges on user gains, strong profits

Netflix surges on user gains, strong profits

Netflix is the first of the so-called Faang companies (Facebook, Apple, Amazon, Netflix and Google) to report this quarter. Net income came in at 89 cents per share, beating Wall Street's number by 21 cents a share.

These new subscribers brings Netflix total subscribers to 137 million a userbase that is only behind YouTube's 192 million when looking at streaming services. "The variance relative to forecast was due to greater-than-expected acquisition globally, with strong growth broadly across all our markets including Asia". Domestically, Netflix added 1.09 million subscribers, compared to an estimate of 673,800.

Netflix shares soared 15% after reporting its Q3FY2019 earnings and recording 130 million paid subscribers and 7 million on free trial. During that quarter, Netflix had a dearth of new programming that resonated with viewers the way hits like House of Cards and Stranger Things had done in the past.

The streaming giant also announced fourth-quarter subscriber growth that blew past expectations.

"The question at the end of Q2 was whether that miss was an aberration or signs of a longer-term slowdown in the business", said Forrester Research analyst Jim Nail.

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Netflix is likely to see further growth in 2019 amid its successful expansion into new genres and growth in new geographies, analysts including Swinburne wrote in a report.

During the September quarter, Netflix added about 676 hours of original programming in the United States, a 135 percent increase from a year earlier, according to Cowen and Co analysts. But no one grew their Instagram audience as much as "Stranger Things" star Millie Bobby Brown, who apparently had close to no fans on the platform before the debut of the show, and now has 17.6 million Instagram followers. "That's a really good number for a market that's this mature". "However, given Netflix's longtime leadership and extensive content library, competitors will be hard-pressed to build streaming businesses that can aspire to become market leaders".

The Los Gatos, California-based company said revenue jumped 34 percent to $4 billion, matching estimates of Wall Street analysts polled by Refinitiv. The shares are up 80 per cent this year.

Media companies that once sold programs to Netflix for hundreds of millions of dollars are now building their own on-demand services to compete head on.

The company, which started out in 1997 as a DVD-by-mail service, plans to spend about $8 billion on original programming this year.

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