Netflix surges on massive subscriber growth

Netflix surges on massive subscriber growth

Diluted earnings per share checked in a $0.89 per share versus $0.29 per share during the same time in 2017.

Netflix's third-quarter earnings crushed Wall Street's expectations thanks to a surge in subscribers, but the streaming-media giant warned investors that the costs of developing original content will take a bite out of its profit at the end of the year.

That paid off in terms of new subscribers. "The debt market is open to Netflix, but rising rates make it costlier to finance the company's multibillion-dollar programming investments".

Netflix revenue in the quarter increased 34% year-on-year to almost $4bn, while profits more than tripled to $403m. "Amid these massive competitors on both sides, plus traditional media firms, our job is to make Netflix stand out so that when consumers have free time, they choose to spend it with our service", Netflix said.

Netflix is planning a new film and television production hub in New Mexico; new research finds that one-third of "gluten-free" foods sold in US restaurants actually contains trace levels of the substance. Netflix doesn't break out its users by market, with the exception of the US, though most analysts agree that the U.K., Brazil, Canada and Mexico rank among the company's largest. Analysts were expecting 4.8 million - 600,000 in the U.S. and 4.2 million internationally, according to Nomura Instinet.

Netflix surges on massive subscriber growth
Netflix surges on massive subscriber growth

Netflix never identifies which shows are most successful.

This quarter, the company expects to sign up 9.4 million new subscribers globally, far above the 7.18 million average of forecasts compiled by Bloomberg.

"We feel like we have a long, long runway ahead of us in India", Greg Peters, chief product officer, said in a post-earnings video interview.

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. Analysts were expecting 7.7 million - 1.6 million in the United States and 6.1 million internationally, according to Instinet. Netflix expects to add 28.9 million customers this year, setting a new record for the 21-year-old company. Netflix has prepared for this, beefing up worldwide programming and production as it approaches a ceiling in the United States. The streaming platform is expected to spend $13 billion on content in 2018 alone.

That helped lift profit more than threefold to 89 cents a share, beating the 68-cent average of analysts' estimates. Sales jumped 34% to $4 billion and global streaming revenues jumped 49% to $1.97 billion with revenues in the United States increased 25% to $1.94 billion.

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