Netflix lifted by ‘beautiful’ quarterly report

AFP, SAN FRANCISCO: Netflix shares raced higher in after-hours trade Monday as the streaming television giant reported better-than-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 $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 $186 million from $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 $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 $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.

 

Netflix lifted by beautiful quarterly report

AFP, SAN FRANCISCO: Netflix shares raced higher in after-hours trade Monday as the streaming television giant reported better-than-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 companys overall value above $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 $186 million from $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 $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 $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.