Netflix shares pop as it hits 125 million global subscribers
NETFLIX’S share price surge showed no sign of letting up last night, after it revealed a further seven million people had signed up to its streaming service in the first three months of 2018, breezing past already lofty expectations.
Netflix has seen its share price rocket in the year-to-date, up more than 60pc at the close of play yesterday, prompting some concern that it could be in for a heavy fall should the results disappoint.
However, Netflix ticked up more than 8pc after the close yesterday, taking its value above $140bn (£97bn) in after-hours trading, as it said more people continued to sign up to its service.
It now has 125 million subscribers globally, despite it having hiked prices for most of its customers late last year.
The bulk of the subscriber growth in the three months to the end of March came from its international segment, where it added 5.46 million subscribers, compared to a market forecast of 4.9 million.
In the US, it signed up 1.96 million more people in the three month period, ahead of the 1.45 million forecast. This, combined with the 14pc rise in average selling price of its memberships, pushed its revenue up 40pc year on year, to $3.7bn.