Release of Netflix earnings figures boosts subscriptions to over 100 million
Following the release of earning figures on Monday, Netflix has reported jumping number of subscribers, topping 100 million worldwide and sending shares in the leading on-demand television service soaring.
Netflix shares leapt more than 10 percent to $178.48 in after-market trades showing the Silicon Valley-based company added 5.2 million subscribers in the recently ended quarter to raise the total to 103.95 million for its streaming service.
Most of the subscriber growth came from outside the US, where Netflix has invested heavily in establishing itself as a global television service.
Silicon Valley analyst Rob Enderle said “That is what you want to see, subscriber growth,” noting that “Their international efforts are paying dividends right now.”
Netflix ended the quarter with slightly more than half of subscriptions coming from outside the US, a first for the company.
Profit was up 61 percent to $66 million, Netflix said. Revenue increased 32 percent to $2.78 billion from the same quarter last year.
“We underestimated the popularity of our strong slate of content which led to higher-than-expected acquisition across all major territories,” Netflix said in a letter released along with the earnings figures.
