Netflix lifted by ‘beautiful’ quarterly report
SAN FRANCISCO: Netflix shares raced higher in afterhours trade as the streaming television giant reported betterthan-expected gains in its global subscriber base and a quarterly profit that nearly tripled from a year ago.
Netflix has been on a tear with original programs such including “The Crown” and “Stranger Things.”
Netflix shares hit a record high during the trading day, with a leap after the earnings release lifting the California-based company’s overall value above US$100 billion for the first time.
In its fourth quarter report, Netflix said it added 8.3 million new subscribers to bring its total paid membership base to 110.6 million.
Net profit in the quarter surged to US$186 million from US$67 million a year earlier as the leader in streaming video saw growth ramp up in many parts of the world. Revenue for the quarter rose 33 per cent to US$3.3 billion.
“We had a beautiful Q4, completing a great year as internet TV expands globally,” said a Netflix letter to shareholders with the quarterly report.
“In 2017, we grew streaming revenue 36 per cent to over US$11 billion, added 24 million new memberships (compared to 19 million in 2016), achieved for the first time a full-year positive international contribution profit and more than doubled global operating income.”
As it has shifted more to original content, Netflix has been winning awards for its shows and has helped shake up both the television and film industries with its deep pockets.
By delivering online, Netflix is available in some 200 markets worldwide, with the goal of being a global TV network, and now produces programs in several languages. — AFP