Netflix Added Nearly 7 Million Subscribers in Previous Quarter

Netflix Added Nearly 7 Million Subscribers in Previous Quarter

Netflix ended September with 137 million worldwide subscribers, including 58.5 million in the U.S. Said eMarketer media analyst Paul Verna. It invests billions in original programming and uses those new TV shows and movies to lure subscribers.

"It was a surprisingly good quarter that caught a lot of the financial community off guard", said Jim Nail, a senior analyst at Forrester Research. However, despite the unexpected cold shower last quarter, Netflix bulls remain confident the stock will rally.

Some have begun to question, however, whether Netflix's business model is as durable as the share price action suggests, given the huge investments the company has begun to make in its own content, and burgeoning competition. "The variance relative to forecast was due to greater-than-expected acquisition globally, with strong growth broadly across all our markets including Asia".

Analysts had cut their price targets for Netflix shares ahead of its earnings report, citing a combination of the strength of the dollar, rising expenses and interest rates.

Netflix has upended the economics of pay TV by offering customers thousands of programmes on-demand for a monthly fee that's a fraction of the cost of a multichannel cable or satellite package.

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The company added 6.96 million subscribers - beating analyst predictions of 5.1 million - and took in $4 billion (roughly Rs. 29,400 crores) in revenue, matching those analysts' projections.

The company has been one of the world's best-performing stocks because investors believe it has years of growth ahead. But the recent tech selloffs left and right have done nothing to boost investor confidence and Netflix stock could be set to take another hit. It added 6.96 million new subscribers, exceeding expectations and coming in particular relief after the company disappointed during its previous quarter. While the service released 452 hours of new work, according to a report from Cowen & Co., the lineup didn't include new seasons of any top shows.

Chief Executive Reed Hastings, who has pegged Netflix's content spending at $8 billion this year alone, told investors his firm is in for a battle.

Analysts estimate that it added about 676 hours of original programming in the USA in the most recent quarter - 135% more than in the same period a year ago. "Quotas, regardless of market size, can negatively impact both the customer experience and creativity", Hastings said. Streaming revenue surged 36%, reaching almost $4 billion in the quarter - a performance that matched Wall Street's forecasts of $4 billion.

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