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Netflix reports surge in new members, shares pop

Netflix reports surge in new members, shares pop

Netflix added 3.6 million members in the third quarter, shattering its own expectations for growth and silencing skeptics on Wall Street.

The Los Gatos, Calif. -based Internet streaming video provider added 3.2 million new global subscribers and 370,000 new US subscribers in the months of July-September.

Netflix Inc (NFLX.O) added over 50 percent more subscribers than expected in the third quarter as original shows such as "Stranger Things" drew new global viewers and kept USA customers despite a price hike, sending its shares soaring 20 percent in late trade.The company broke a two-quarter trend of disappointing subscription growth. All in all, the streaming giant took in a record $2.15 billion in revenue, up 36 percent over a year ago, while adding 3.6 million new subscribers - plenty more than the 2.3 million it had projected.

The company reported $2.158 billion in streaming revenue, including $1.3 billion in US streaming revenue and $853 million in worldwide streaming revenue. Last quarter, subscriber growth was hit by price increases that rolled out to customers during the spring.

Netflix said it expects to add 5.2 million subscribers next quarter, a gain slightly less than the 5.6 million it added in the year-earlier quarter. Original programming, which now accounts for 10 per cent to 20 per cent of its content budget, will climb to 50 per cent in the future, the chief financial officer David Wells has said.

Netflix also took some time in the statement to say that partnerships with cable operators validate its content strengths.

Oil prices fall despite Russian freeze call
According to Goldman, however, some OPEC countries may not comply with the agreement and continue to produce oil at a high rate. Oil prices were falling today after OPEC reported that its members produced 33.39 million barrels per day in September.

Netflix's results sent NFLX stock soaring in after-hours trading, and the stock is ahead almost 20% in Tuesday morning action.

Thanks to the massive success of Netflix's Stranger Things and Narcos, the company has reported record earnings.

Earlier this year, Netflix found that the memberships growth in U.S, where 58 per cent of its paid subscribers reside, was going through a slump. Wall Street's forecasted 304,000 U.S. subscriber growth compared to the reported 370,000.

Netflix has scrapped its most ambitious expansion yet, scuttling plans to expand into China.

"The regulatory environment for foreign digital content services in China has become challenging", Netflix told investors. "In 2017, we intend to release over 1,000 hours of premium original programming, up from over 600 hours this year", the company said in a letter to shareholders.

The video company said the revenue contribution from China licensing will be "modest".

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