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Netflix on the verge of hitting 100 million subscribers

Netflix on the verge of hitting 100 million subscribers

Netflix on the verge of hitting 100 million subscribers

"We're super excited expecting to cross 100 million this weekend, that's a big accomplishment".

Netflix, which has been rapidly expanding globally as its business in the US slows, predicted that profit will drop in the second quarter as the company spends more on new series and movies.

USA paid subscribers continued to grow at a slower pace than we previously projected, with trailing 12-month paid net adds at 3.7 million in the quarter, down 32% from 5.4 million at the end of first-quarter 2016, which was down 9% versus 2015. "But Netflix clearly had a vision before those devices became so ubiquitous", he added.

For the second quarter of 2017, Netflix expects to double the 1.68 million total subscriber additions added in the second quarter of previous year.

Wall Street was expecting 5.27 million new subscribers. In these years, Netflix has added 72 million more subscribers.

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In Q1, the company reported USA streaming revenues of $1.5 billion and $1.05 billion coming from the global market.

For all its progress, Netflix still has ways to go ahead before it reaches to HBO's mark, the successful pay-TV channel that has helped as its role model.

The firm's shares fell in after hours trading, dropping 3% with investors disappointed by the slower-than-expected growth. Netflix's subscriptions range from $8 to $12 per month, with the most popular option at $10.

According to commentators, this showed the impact of the video streaming service on the entertainment landscape since it debuted a decade ago. In Q2, Netflix expects to earn $1.14 billion from worldwide streaming and will incur a $28 million loss. It also expects to earn $.15 per share vs. $.09 a year earlier, on sales of $2.76 billion, up 31%, for the second quarter. "In Q1, we surpassed $2.5 billion in quarterly streaming revenue and added 5 million members".

Netflix hasn't given any inkling it will raise prices again. In fact, it's expected to spend $6 billion for it this year. Hastings said the United States market is still growing and he doesn't expect subscriber numbers to hit a wall anytime soon.

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