Netflix crushes estimates, renewing faith after July letdown

Credit Netflix

Credit Netflix

Q4 is usually the most lucrative time for Netflix in terms of growth and revenue and there's no reason to see why this year will be any different.

"We expect solid 3Q18 results, led in part by Netflix adding a record number of Originals programming hours", Blackledge wrote.

Shares of Netflix Inc soared 11 per cent before the bell on Wednesday after the company put fears of a slowdown in growth to bed by racking up 7 million new subscribers between July and September.

In an interview with Eric Sheridan CEO Reed Hastings and the executive team gave some insights into how they managed to grow over the third quarter.

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Netflix has spent aggressively to develop original content to lure new subscribers despite tough competition from services offered by Amazon and other outlets. Netflix added 5.15 million subscribers in the second quarter of 2018, missing management's original forecast for 6.2 million. That sent the shares up as much as 17 percent in extended trading.

For now, Netflix said it was "super encouraged with India" and the growth that they have got early on but the company is aware that it's going to be somewhat of a tough market going ahead right. Netflix released its first Indian original series, "Sacred Games", in the quarter, as well as new Japanese shows.

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

Jim Nail, analyst at Forrester Research, said the latest figures suggested that the second quarter result had been an "aberration, likely the results of a somewhat low volume of new content". The last three months of the year bring new movies from top-tier filmmakers, including the Coen brothers, Paul Greengrass and Gravity director Alfonso Cuarón, on whose Roma Netflix is pinning Oscar hopes.

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Netflix also reported revenue of $4 billion, in line with consensus estimates, and it issued an optimistic forecast for the current three months.

Analysts keep setting the ceiling and Netflix keeps crashing through it. Disney and AT&T, the parent of Warner Bros. and HBO, are each looking to introduce new services next year - after completing takeovers of other companies worth a combined $160 billion. While the company reports a net profit, it spends more than it takes in and borrows frequently to finance its programming budget.

Hastings, 58, suggested that he wasn't anxious about the competition.

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