While there are many moving pieces that drive the stock price, in Netflix's case, subscriber numbers are perhaps most closely watched and as such have significant sway in moving the stock. In that context, Q3 solid quarterly results bode well for Netflix and offer a nice reminder on company "fundamentals" in an environment where rising rates and narrowing treasury bond yield spread has grabbed much headlines and somewhat dictated stock price movements.
"We'll take it at a million at a time", CEO Reed Hastings told a post-earnings interview of subscriber growth in India, which Netflix declines to break out, citing competitive factors. This appears to be part of the general optimizing growth strategy to exploit the tailwinds in the current market.
For the quarter, Netflix added 6.96 million new subscribers globally, beating the five million that the company forecast for the period back in July and the 5.18 million analysts surveyed by FactSet predicted.
Currently, Netflix is the most expensive streaming service in India, starting at Rs. 500 per month for a single screen and Rs. 650 per month for HD quality.
During the quarter, Netflix reported a 4.8 percent jump in net income, to $402.8 million, or 89 cents a share.
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Netflix has upended the economics of pay TV by offering customers thousands of programs on-demand for a monthly fee that's a fraction of the cost of a multichannel cable or satellite package.
Netflix is planning a new film and television production hub in New Mexico; new research finds that one-third of "gluten-free" foods sold in US restaurants actually contains trace levels of the substance. It added 7 million subscribers in the period, a larger amount than it added in the third quarter of previous year. 313.87 million shares or 4.72% less from 329.43 million shares in 2018Q1 were reported. Those markets boosted Netflix again in the third quarter, contributing 5.87 million new customers. That's up 34 percent from the same period a year ago. Video streaming giant Netflix says its "just getting started in India". Global streaming revenues jumped 49 per cent to $US1.97 billion, while domestic sales increased 25 per cent to $US1.94 billion. On the call, Hastings declined to provide exact details on the company's India growth.
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". Analysts were looking for $0.68 a share. What's remarkable from their earnings is that the DVD business is still operating although as a smaller share of revenue with each quarter that passes.
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More notable recent Netflix, Inc.
For the current quarter, Netflix forecast it will add 1.8 million customers in the United States and 7.6 million in worldwide markets.
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